Pfizer, like GSK is reporting on 1st August for their earnings. Another exciting stock caught in a range.
Since this stock has yet to trend but is still caught in the consolidation phase, actionable regions are maintained at those price balloons on the chart.
The argument for bullish price action is the same as GSK.
Since our last bullish outlook on the pharmeceutical sector, Revelation Trading feels that this is one stock to look out for. Though it has caused a slight dent, the failure of Congress to repeal and replace Obamacare has not caused the pharmaceutical stocks in our radar to tumble. In fact, they have held their well defined ranges. That to us, is strength.
Also,...
Looking for further upside with the invalidation of the double top at 51.73 to confirm Revelation Trading's bullish bias. Near term support is at 46.33.
Buy after the rebound. Looks set for a correction on at the current price. Price might continue trending above after a potential breakout
Any alternate views?
Another Signal of a potential bottom from my dBFI on the DAILY chart last friday(green arrow).
A move above sma14 will confirm the signal and probably price will probably move towards 44-44.5 (between 0.5-0.618 fib)
I started analysing stocks about 4 months ago with Abbott Labs. Went in long at $37.80 and got out at $40.50 with a $2.70 profit. I said it could go higher and it did. Now trading at about $45
Pattern identification
ABT has completed a bearish Bat pattern and it does not seem ready to fall.
First some word of caution (seems to want to go higher)
- Price seems...
