Trade of the Day
Pfizer Inc. (NYSE: PFE)
(Current Price: US$28.27) – TECHNICAL BUY
Buy price: US$28.27 Stop loss: US$27.40 (-3.08%)
Take profit 1: US$29.30 (+3.64%) Take profit 2: US$30.50 (+7.89%)
(1) & (2): Pfizer Inc. broke out of a descending triangle after forming a double bottom at the US$25.60 horizontal support level in late April. This provides a bullish signal.
(3): Supporting the bullish view, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators display bullish divergence signals while the double bottom was formed, with increasing momentum thereafter.
We expect the price to continue its rebound towards Take profit level 1 at US$29.30 to retest a previous horizontal support breakdown level in November 2023, now turned resistance.
The price could then trade higher towards Take profit level 2 at US$30.50 to retest a higher horizontal resistance level formed in October 2023.
Expected timeline of the trade is 1-8 weeks from the date of report issuance.
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I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
