On June 24, 2024, I posted the following chart-based commentary about PFE (Pfizer, Inc) to the MPTrader discussion room:
PFE (Pfizer) has the right look of a setup that is on the verge of entering a central, bullish price thrust from within a December-June rounded bottom formation. Only a failure to push up through and close above the 200 DMA, now at 28.94, followed by a decline that breaks last week's low (6/14) at 26.87 will Neutralize my currently bullish bias... Last is 28.27...
The following afternoon, I followed up with this commentary in response to a member's question:
From my technical perspective, all of the price action for the past 6 months has carved out a significant base-accumulation pattern in the aftermath of a 2-1/2 year bear phase. The base formation is putting upward pressure on its upside breakout plateau from 28.90 (the 200 DMA) to 29.53 (the 4/26 to 6/04 rally high), which if (when) hurdled, will trigger a projection to 36-38. From a timing perspective, as long as any forthcoming weakness in PFE is contained above the most recent pullback low at 26.87 (6/17), the anticipated price thrust above the breakout plateau could occur at any time. Whether or not PFE needs some sort of bullish catalyst in the form of positive results from drug trials etc, to trigger the upside thrust is anyone's guess... but... based on the chart setup, I do think that the July 19th OPEX is enough time to see a run at and an upside breakout above 28.90-29.53... Last is 27.96...
Fast-forward to Friday, July 19, PFE settled at the close of OPEX Friday at 29.97, up 3.5% from my June 24 update, and since 7/19 has continued to last Thursday's (7/25/24) nine-month new high at 30.93, nearly 9.5% above my June 24 technical heads-up to MPTrader members. PFE also pays a still juicy 5.5% annual dividend that has been accompanied by the 23% advance off of the multi-year corrective low at 25.20 established on 4/26/24. PFE is in the sweet spot of a period of price appreciation coupled with an outsized annual dividend payment.
Whether or not PFE investors will continue to benefit from this setup will be put to the test this Tuesday morning, when PFE announces quarterly earnings before the opening bell. A positive response to the news projects PFE toward 33.50-35.00 next.
Join me and MPTrader members ASAP to participate in our discussions and analysis of PZE heading into earnings, and in reaction to the news. Our discussion room is always analyzing and strategizing about the risk/reward opportunities in many individual stocks, sector ETFs, macro indices and ETFs, commodities, and Bitcoin. Join us!
