Technical Analysis
Currently, $PFE is respecting an Ascending Triangle chart pattern, where buyers are unable to break the resistance level of $39.00, but has been making a slope of higher lows. As of 1/10/2020 close, the price is resting at $36.37, near the slope of higher lows. Coincidentally, we are also near the end of Wave 4, as the price is currently around 38.2% of the Wave 3 mark. As such, these support a very strong bullish Wave 5 Ascending Triangle continuation theory.
Entries, Price Targets, Stop Losses
Based on the 1/10/2020 closing price of $36.37, regardless of whether you are averaging your positions or taking a new position, it is currently at a sweet spot for a new entry. Personally, I have also taken a new position at $36.36. I believe that the optimal time for entry is when prices are below $36.46 and at the same time, stays above the slope of higher lows.
As for my price target, it is at $41.94, where it lies in a zone of resistance, right between the 5.62 markers and 7.90 markers. Do note that during Wave 3, a price increase of $7.99 was seen, while during Wave 1, a price increase of $11.33 was seen. Since Wave 3 cannot be the shortest of the 3 Impulse Wave, Wave 5 will likely be less than a $7.99 price increase. As long as the price breaks the $39.00 to $39.47 resistance zone towards the upside, I'm positive that the momentum from the breakout will bring the price towards $41.94, minimally reaching the 5.62 markers as established in the chart.
I place my initial stop-loss at $33.73, but as the price rise and respect the Ascending Triangle, you should adjust your stop-loss upwards by the same amount as the rise using a trailing stop-loss. This is because while as Ascending Triangle chart pattern usually indicates a bullish breakout, this is not always the case. Sometimes, the resistance zone may be too strong, causing a bearish breakout. As such, a stop-loss below the slope of higher lows should be in place as a precaution.
Disclaimer
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
If this post has helped you out in making your investment/trading decision, give it a huge thumbs up, and follow for more updates regarding this ticker symbol!
Currently, $PFE is respecting an Ascending Triangle chart pattern, where buyers are unable to break the resistance level of $39.00, but has been making a slope of higher lows. As of 1/10/2020 close, the price is resting at $36.37, near the slope of higher lows. Coincidentally, we are also near the end of Wave 4, as the price is currently around 38.2% of the Wave 3 mark. As such, these support a very strong bullish Wave 5 Ascending Triangle continuation theory.
Entries, Price Targets, Stop Losses
Based on the 1/10/2020 closing price of $36.37, regardless of whether you are averaging your positions or taking a new position, it is currently at a sweet spot for a new entry. Personally, I have also taken a new position at $36.36. I believe that the optimal time for entry is when prices are below $36.46 and at the same time, stays above the slope of higher lows.
As for my price target, it is at $41.94, where it lies in a zone of resistance, right between the 5.62 markers and 7.90 markers. Do note that during Wave 3, a price increase of $7.99 was seen, while during Wave 1, a price increase of $11.33 was seen. Since Wave 3 cannot be the shortest of the 3 Impulse Wave, Wave 5 will likely be less than a $7.99 price increase. As long as the price breaks the $39.00 to $39.47 resistance zone towards the upside, I'm positive that the momentum from the breakout will bring the price towards $41.94, minimally reaching the 5.62 markers as established in the chart.
I place my initial stop-loss at $33.73, but as the price rise and respect the Ascending Triangle, you should adjust your stop-loss upwards by the same amount as the rise using a trailing stop-loss. This is because while as Ascending Triangle chart pattern usually indicates a bullish breakout, this is not always the case. Sometimes, the resistance zone may be too strong, causing a bearish breakout. As such, a stop-loss below the slope of higher lows should be in place as a precaution.
Disclaimer
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
If this post has helped you out in making your investment/trading decision, give it a huge thumbs up, and follow for more updates regarding this ticker symbol!
Comment:
Things are looking very good for $PFE. The European Medicines Agency has accelerated the approval process for a Covid-19 vaccine developed by BioNTech and Pfizer. Pfizer and BioNTech has also enrolled more participants (36,576) in their late-stage clinical trial of BNT162b2 Covid-19 vaccine as compared to their competitor such as Moderna (28,043). We saw $PFE having a 1.02% gain and $BNTX having a 9.50% gain last night. Today's premarket saw a 1.50% gain and 9.18% gain respectively as well. If this keeps up, hitting our target profit should not be an issue as they will have a first-mover advantage in the Covid-19 vaccine race.
Trade closed: target reached:
Profit target hit. Price hit a $41.95 highs today during the market open, where many profit-takings were seen which drove the price down to $38.39 lows. As of the time I'm updating this post, the price is currently at $40.49. I will release a follow-up post regarding my upcoming expectation for $PFE soon! Do look forward to it.
