I will be posting the stocks that I expect to have a strong market open. I simply use the Megalodon indicator as it offers incredible accuracy. Send me a message if you want to use this indicator as well!
Hi there. Price is forming a continuation pattern to the upside, but first price needs to form the C wave to complete the pattern. So, go to a lower time frame and wait for the price to form a continuation pattern for sell.
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We did a double top and we're getting ready to test the immediate support below at pivot (P) again. Wave C can lead us to 0.786 Fibonacci level.
The healthcare company develops a corrective structure after a bearish move started on Dec, 03. The close below $42 could activate a bearish move that should dive to PFE to the area between $38.89 and $37.59. The RSI oscillator suggests more downfalls.
Timeframe: Daily
Why is this setup good?
Contextual uptrend
Price continuing moving in the direction of main trend since it bounced close to major support EMA(200)
Momentum building on MACD 12-26 and MACD crossover
First reaction (contraction) since MACD crossover
Trigger Candle testing EMA 3, 6 and 18
Low Setup Risk - just 2.11% in risk
Entry...
PFE: Astellas Pharma Inc.
2018-12-20 09:00:00
Astellas and Pfizer Announce Positive Top-Line Results from Phase 3 ARCHES Trial of XTANDI® (enzalutamide) in Men with Metastatic Hormone-Sensitive Prostate
Pfizer has been among the top stocks during this year's market correction. Recently it has been trading within a 1D Channel Up which just priced its Higher Low (RSI = 48.610, MACD = 0.230, highs/Lows = 0.0000). Assuming it will print an identical Higher High next on +3.60%, we have a long target of $48.00 by mid January. Note that Pfizer also packs a decent...
Pattern: PFE broke out to the long side of the wedge on pretty decent volume.
Edge: The stock was in a squeeze (red dots in the Squeeze indcator) and the squeeze fired (green) the same day it broke out of the wedge. Healthcare stocks have been strong in this weak market, so we are looking for continued strength if the market stays weak, and even bigger strength...
Trade Alert
Pfizer Inc isn't looking quite healthy lately. The stock started forming lower highs. and it seems to be on the verge of breaking through key support at 42.45 . If that actually happens, then we could see the stock falling further.
Please examine the levels on the chart.
Always have your SL in place.
PFE seems going for a small degree correction. Look to the price action around the 48$ level. A rejection on that level can be the starting point for an impulsive wave down.
$PFE crossed up 20 sma today. Also noticed all time high is back in April 1999!
In the short term, hope it can rise to 45.x together with market bounce. Indicators look good.
ER coming up in 2 weeks.
