Pfizer Up on Vaccine Announcement

 The  09/17/20 post “Pfizer Bullish Opportunity” recommended buying Pfizer (PFE) on speculation that they could be the first of nine companies to develop a Coronavirus vaccine.  Today 11/09/20 PFE announced that they had a Coronavirus vaccine.  PFE surged on the news. On 10/19/20 the post “Pfizer Pushing Higher” recommended adding one quarter of the original PFE position on a move above 39.45.

Today’s 11/09/20 PFE gapped far above 39.45 and opened at 41.86 – this is the entry point for the add on position.  Typically, stocks open near the high or low for day.  In this case the open was  close to the high of the day.  The subsequent decline was deep and weakened the bullish case for PFE.  Also note the daily Stochastic is close to a bearish crossover.

Use a move below 38.20 as a stop loss for the one quarter position add on, 38.20 is just below the low of the day at 38.38. 

The next post on 11/10/20 will discuss the S&P 500.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

4 thoughts on “Pfizer Up on Vaccine Announcement

  1. Point and Figure “Daily” YTD Projection on PFE Breakout on 11/9/20 is now bullish, Target 54 !
    Yesterdays late afternoon pull back to just above 39, was the key value area to re-accumulate in size.

    Like

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