Pfizer (PFE) Trades Higher on Vaccine
Ming Lam August 20, 2020 10:56 PM
The Stock is forming a Triangle Bullish Continuation Pattern...
Pfizer (PFE), a U.S. pharmaceutical giant, reported positive results from a trial of the Covid-19 vaccine it jointly developing with Germany's BioNTech. The Company also confirmed that the vaccine is on track to be submitted for regulatory review in October.
Last month, both companies obtained a $2 billion deal to supply the U.S. government with an initial 100 million doses of the vaccine.
Meanwhile, Johnson & Johnson (JNJ), a vaccine-making competitor, announced plans to test its Covid-19 vaccine in 60,000 people, double the number tested in Pfizer's study.
In after-market hours, both Pfizer's and Johnson & Johnson's shares traded modestly higher.
On a Daily Chart, Pfizer (PFE) is forming a Triangle Bullish Continuation Pattern.
Sources: GAIN Capital, TradingView
A clear break above the upper boundary of the Triangle Pattern would call for a continued rally.
It has returned to levels above both 20-day and 50-day moving averages.
A continued uptrend should bring the stock back to $39.55 (around the recent high seen in late July).
Above that level, PFE should then aim at $40.95.(around the previous high seen in January).
Bullish investors should take the level of $37.25 (around the recent low seen in late July) as the Key Support (Stop-loss level).
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.