Pfizer Update

11/09/20 a one quarter add on position to Pfizer Inc. (PFE) was made at the opening price of 41.86.  The 11/09/20 post “Pfizer Up on Vaccine Announcement” recommended a stop loss on this position at a move below 38.20 which occurred today.  The total decline was 8.8%, the loss for the one quarter position was 2.2%.

As noted in the 11/09/20 post this deep decline weakens the bullish case for PFE.  On the bullish side of the coin, PFE low for the day was just below a .382 retrace of the rally that began on 06/26/20 at 31.61.

Daily Stochastic still has not had a bearish crossover and has yet to reach the overbought zone.

The  original PFE post “ Pfizer Bullish Opportunity” speculated that PFE could rally into 50’s. The deep retracement after the high on 11/09/20 may have reduced the chance of PFE reaching 50. The daily PFE chart courtesy of Trading View  illustrates two more likely upper price targets.

Also watch the daily Stochastic, if it reaches the overbought zone it could signal at least a near-term top.

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.

3 thoughts on “Pfizer Update

  1. PFE is in a “Descending” Triangle Corrective Move Down
    on the 30 Minute Chart after Monday’s sharp gap up Open near 42.

    The Triangle Apex as I’ve drawn proprietarily on my chart of PFE shows it could reach the price of 37.40,,

    If PFE were to reach 37.40, and then move back above the Triangle Decent Line,
    then a sharp “thin air ” move up from that point could be expected !

    The move down this week, is the “set up “, shaking out weak hands, before a much larger move up,

    .

    Like

    1. On 11/12/20, PFE Declined right down to the “apex” of the 30 Minute
      Defending Triangle, with the low at 37.24.
      A key buy signal, as I had suggested in my previous comment.
      Using 37.24 now as a continuing stop for new long positions

      Like

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