PFE pushes through Wednesday's high
Pfizer Inc. (PFE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PFE finished Thursday at 31.75 gaining $2.00 (6.72%), slightly outperforming the Dow Indu. (6.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 30.72, the share confirmed its breakout through the prior session high after trading up to $1.27 above it intraday.
Daily Candlestick Chart (PFE as at Mar 26, 2020):
Thursday's trading range has been $2.11 (7.06%), that's above the last trading month's daily average range of $1.81. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for PFE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 18th, PFE actually lost -6.00% on the following trading day.
Buyers managed to take out the key technical resistance level at 30.00 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 32.88 (R1).
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 32.65 where further buy stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Pfizer. Out of 227 times, PFE closed higher 52.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.59% with an average market move of 0.50%.