Price retest support line
Potential entry $34.50 and below
Pfizer’s fourth-quarter results were mixed as it missed estimates for earnings while beating the same for sales. Pfizer’s financial outlook for 2021 was quite upbeat.
Observed the following
1) price rejection twice @ 280, Once on ANT IPO halt while yesterday on results narrowly miss on revenue.
2) confluence support from uptrend and horizontal support line.
3) uptrend intact
Fundamentally on track since most analyst raise target price.
Consider accumulation between 280 - 285
Immediate Resistance 300
Currently in Distribution Phase.
Expect further consolidation between 108 - 120
Indicators continue to show signs of improvement.
However, descending triangle formation in the making if price fail to break red line
Consider trading between 108 - 120.
Long bet 108 - 112
Short bet 118- 120 (stop loss 122)
From technical point of view, should see price consolidation between $6.80 - $7.10.
Look to trade within the range.
Long on valuation perspective
1) Sell off due to Director resign on disagreement over Sincere Property Group & Millennium & Copthorne Hotels
2) Concern not new, review from External Financial Advisor might help to ease concern
3) Based on 1H20,...
1) Resisted 23.90. Resistance formed
2) Cup and Handle formation in the making. But not a strong one. Depth of cup ressembles a V rather nice U
3) Still on an uptrend, BUY on PULL back.
4) Accumulate bet 20.50 - 21.50, Cut loss 19.40
5) Upcoming Earning on 23 Nov
1) Price reject MA200 on the 4hour chart
2) MACD bullish crossover from the oversold region
3) RSI attempt to breakout 50
4) Fundamentally, trading at attractive valuation
- Strong net cash of RMB 4.4 Bil (S$0.22 per shares)
- Annually dividend estimate 4.3% (annually in May)
- P/B 0.633
- P/E 7.6 x
5) Coming up results on 4 Nov
Accumulate bet 0.95 - 0.97