Pfizer Inc. - (PFE) - November 29, 2021
With a new COVID variant sparking renewed interest in companies who produce vaccines and treatments, Pfizer (PFE) rallied 6.1% and shot up the rankings in the SIA S&P 100 Index Report, returning to the Green Favored Zone and climbing to its highest position since January of 2019. On Friday, PFE finished in 12th place up 23 positions on the day and up 53 spots in the last month.
Back in the spring, Pfizer (PFE) shares completed a bullish Ascending Triangle base with a breakout over $40.00. A summer rally carried the shares up over $50.00 briefly, but then they ran out of gas and slumped back. A successful retest of support near $40.00 confirmed that the shares’ longer-term uptrend was still intact. In recent weeks, accumulation has resumed with the shares rallying on increased volume. On Friday, the shares blasted through $51.50 to a new all-time high, confirming that the recent correction is over and a new upleg has started.
Measured moves from previous trading ranges suggest potential upside resistance near $55.00, $61.50, and $70.00 on trend. Initial support appears near the $51.50 breakout point and then the $50.00 round number.
It’s amazing to think that a few weeks ago, Pfizer (PFE) shares had been struggling, completing a double bottom in September and giving back much of its early summer gains. The selloff was finally contained with a successful retest of a previous breakout point near $41.00 and above the $40.00 round number. Since then, the shares have been riding on a rocket, recently blasting through $50.00, and then clearing its previous peak near $54.00 to trade at new all-time highs. Active High Pole and Double Top patterns indicate that accumulation has resumed, and a new advance is underway.
Horizontal and vertical counts suggest next potential upside resistance may appear near 455.75, then the $59.15 to $59.75 zone, near the $60.00 round number. Initial support appears near $51.45 based on a 3-box reversal.
With a perfect SMAX score of 10, PFE is exhibiting strength across the asset classes.
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