Pfizer technical analysis: stock price should rise to 36-38$
As we can see at the chart below, the 1999-2000 double top marked a change in trend from bullish to bearish. Probably this double top included a 5th wave failure so it explains why price plunged to a 12 years low in 2009. However, although shares fall sharply, it was a clear corrective pattern: a flat pattern with weak B wave. When 0-B trendline was broken in less time than C wave spent to be completed we’d be able to confirm that corrective pattern has finished. The breakout in 2011 was followed by a throw-back to this 0-B trendline so the minimum goal once ABC pattern is completed should be B zone (37-39$).
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