PFIZER Buy signal but only on the short-term.

BATS:PFE   Pfizer
Pfizer (PFE) has been trading within a Channel Down pattern since the start of the year and on Friday it registered the strongest green 1D candle since the recent Lower Low leg started in August. This is technically the start of the new rebound leg towards a new Lower High. Those have been priced within the 1D MA50 (blue trend-line) and 1D MA100 (green trend-line), never breaking above the latter.

We are therefore targeting the 1D MA50 again at 34.50, an average estimate based on the previous three Lower High legs. Note that this is only a short-term trade as the long-term trend remains heavily bearish within the Channel Down. Only a 1D candle closing above the 1D MA100 can justify a longer term buy targeting the 1D MA200 (orange trend-line).


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