Pfizer 20% Potential Lift Off Confirmed
Pfizer Inc. (PFE) stocks appear poised for a significant turnaround after a prolonged downtrend that began in December 2021. The stock has experienced a notable decline of 59.0%, reaching a low of $25.17 per share. However, recent movements suggest a potential end to this downward trend. In May, PFE stocks rebounded by 12.0% to $28.60, breaking out of a downside triangle pattern—a classic technical signal indicating a possible trend reversal.
The stock has successfully broken past the resistance level of $26.90, now serving as a retested support level, which could indicate the beginning of a recovery rally.
Pfizer was selected over competitors GlaxoSmithKline (GSK) and AstraZeneca to supply 4.9 million doses of its respiratory syncytial virus (RSV) vaccine for seniors and pregnant women. Pfizer is reportedly developing a new weight loss drug leveraging Ozempic-like technology. This follows a less successful attempt with a twice-daily version of an experimental weight loss pill last year.
So, we may have all reasons for a rally on board. I like the idea buying a stock from the current $28.00-29.00 with a target at $33.00-35.00 per share, which is 20% to the upside. A stop-loss could be placed at $23.00.
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