Hello my friends, pardon my graph as it is a little messy so let me explain.
First we see a massive ascending triangle marked on the graph in yellow. Many of us will know that this is a bullish indicator and that it should break through the top of the triangle.
Within the ascending triangle I have marked many engulfing candle patterns noted in the white lines. These were quite helpful before the successful T3 results came in on Monday 11/10/2020.
Since we have broke out of the triangle we won't be focusing on what is within the triangle but I will leave it there in a worst case scenario where we fall back within the triangle. For now, we can use the top end of the ascending triangle as a trigger for support. The biggest hurdle we are facing now is a breakthrough above 40 .00 and 40 .97, the next fibonacci retracement . I believe in a normal, healthy market, the news of this vaccine being a success would rocket the price up to the $45.00 range, but given that $SPY is at an ATH , the entire market is in a sell off mood.
I believe that PFE has room to run up, it will require a lot of power to break through 40 .97 and hold. We might seem some consolidation between 38.50 and 40 .50 for a while until the next run up which will be the official release of PFE's T3 study and the official FDA approval, which will come around the end of November. So now, I see a good buy in location between 38.50-39.50 and to hold until the end of November when everything is officially released. If all goes well, I have a price target between $45.00 - $55.00 which is near the ATH for Pfizer . From there I am uncertain.
I am bullish PFE , so the next run ups I see will be as follows:
-Official stage 3 clinical trials results available to the public
-FDA approval
-First distribution of vaccine
First we see a massive ascending triangle marked on the graph in yellow. Many of us will know that this is a bullish indicator and that it should break through the top of the triangle.
Within the ascending triangle I have marked many engulfing candle patterns noted in the white lines. These were quite helpful before the successful T3 results came in on Monday 11/10/2020.
Since we have broke out of the triangle we won't be focusing on what is within the triangle but I will leave it there in a worst case scenario where we fall back within the triangle. For now, we can use the top end of the ascending triangle as a trigger for support. The biggest hurdle we are facing now is a breakthrough above 40 .00 and 40 .97, the next fibonacci retracement . I believe in a normal, healthy market, the news of this vaccine being a success would rocket the price up to the $45.00 range, but given that $SPY is at an ATH , the entire market is in a sell off mood.
I believe that PFE has room to run up, it will require a lot of power to break through 40 .97 and hold. We might seem some consolidation between 38.50 and 40 .50 for a while until the next run up which will be the official release of PFE's T3 study and the official FDA approval, which will come around the end of November. So now, I see a good buy in location between 38.50-39.50 and to hold until the end of November when everything is officially released. If all goes well, I have a price target between $45.00 - $55.00 which is near the ATH for Pfizer . From there I am uncertain.
I am bullish PFE , so the next run ups I see will be as follows:
-Official stage 3 clinical trials results available to the public
-FDA approval
-First distribution of vaccine