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.