SAN : SANOFI is well positioned to continue its move higher
Sanofi (SAN) is one of the most important pharmaceutical companies in the world.
Its fundamentals remain very good.
Recently there were lots of articles as per a drug of the company for possible treatment of the COVID-19.
Yesterday Sanofi was once again in the news due to the big race for a vaccine for the COVID-19.
Sanofi CEO Paul Hudson has laid out some of his company’s plans should its program succeed. According to Bloomberg, Americans will likely get Sanofi’s Covid-19 vaccine before the rest of the world if the French pharmaceutical giant can successfully deliver one. That’s because the U.S. was first in line to fund Sanofi’s vaccine research. Sanofi CEO warned that Europe risks falling behind unless it steps up efforts to seek protection against a pandemic that’s killed more than 290,000 people worldwide.
Technically, the stock remains within a triangle with 5 sub waves (a-b-c-d-e). They form wave 4.
Once wave 4 ends, the stock will move higher for its wave 5. My target prices are set for now above 100.
As you can see on the chart I have already opened a position around 72 (BUY) and will add some more to catch the 5th wave up.
Strategy
Wait for (e) to end (I will update the chart once it does) and open a long position.
The triangle formation must be broken on the upside for a solid buy signal.
Disclaimer
Trading has potential rewards but also potential risks. Therefore don't trade with money you can't afford to lose.
The provided analysis and comments are not a recommendation to buy, hold or sell stocks, futures , indices, forex, cryptocurrencies or commodities .
The past performance of any trading system or methodology is not necessarily indicative of future results.
Please do your own extensive study before deciding to invest or trade.
Its fundamentals remain very good.
Recently there were lots of articles as per a drug of the company for possible treatment of the COVID-19.
Yesterday Sanofi was once again in the news due to the big race for a vaccine for the COVID-19.
Sanofi CEO Paul Hudson has laid out some of his company’s plans should its program succeed. According to Bloomberg, Americans will likely get Sanofi’s Covid-19 vaccine before the rest of the world if the French pharmaceutical giant can successfully deliver one. That’s because the U.S. was first in line to fund Sanofi’s vaccine research. Sanofi CEO warned that Europe risks falling behind unless it steps up efforts to seek protection against a pandemic that’s killed more than 290,000 people worldwide.
Technically, the stock remains within a triangle with 5 sub waves (a-b-c-d-e). They form wave 4.
Once wave 4 ends, the stock will move higher for its wave 5. My target prices are set for now above 100.
As you can see on the chart I have already opened a position around 72 (BUY) and will add some more to catch the 5th wave up.
Strategy
Wait for (e) to end (I will update the chart once it does) and open a long position.
The triangle formation must be broken on the upside for a solid buy signal.
Disclaimer
Trading has potential rewards but also potential risks. Therefore don't trade with money you can't afford to lose.
The provided analysis and comments are not a recommendation to buy, hold or sell stocks, futures , indices, forex, cryptocurrencies or commodities .
The past performance of any trading system or methodology is not necessarily indicative of future results.
Please do your own extensive study before deciding to invest or trade.
Comment:
Sanofi is under pressure today. Below 86.62 the count will change and I will post an update. In France there is a bad reaction towards the CEO of the company after its remarks as to the USA and the vaccine (according to Bloomberg)
Comment:
The consolidation continues. The morphology of the chart (ex triangle as was mentioned) changed a little bit but the overall picture remains the same. It is a corrective wave (4) and a new move up (5) will follow.