Pfizer (PFE) Trades Higher on Vaccine
Ming Lam August 21, 2020 3:56 AM
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).
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.