Continuing an upward trend in relative strength that began nearly a year ago deep in the red zone, Pfizer (PFE) recently bottomed out at a higher low within the SIA S&P 500 Index Report and has returned to the Green Favored Zone from a short dip into the yellow zone. Yesterday, Pfizer jumped 44 positions to 120th place and it is up 6 spots in the last month.
Having successfully tested its long-term uptrend support line near $45.00, and snapping out of a 3-month downtrend at $50.00, Pfizer (PFE) shares appears to be under renewed accumulation and on an upswing.
Initial upside resistance appears between $60.00 and $63.00, a zone where a round number, the December peak and a measured move from a previous trading range cluster together. Initial support appears at the $50.00 round number.
Pfizer (PFE) recently established support at a higher low, keeping its primary uptrend intact and has bounced back into a column of Xs. On a 1% chart, it also has completed a bullish Double Top breakout.
Initial upside resistance appears between the $60.00 round number and the previous peak near $61.30, followed on trend at $66.45 which is based on a vertical count. Initial support appears near $47.35 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, PFE is exhibiting strength against the asset classes.
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