Pfizer (PFE) Trades Higher on Vaccine
Ming Lam August 21, 2020 12:56 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).
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