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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.