Pfizer: here’s where things could get interesting
Our chartist says there’s potential in this pharmaceutical giant.
20th October 2020 09:55
by Alistair Strang from Trends and Targets
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Our chartist says there’s potential in this pharmaceutical giant.
Pfizer (NYSE: PFE)
The US markets appear to have struggled through the anniversary of 1987’s Black Monday without severe trauma, so we decided to check on drug maker Pfizer (NYSE:PFE) potentials.
The company claim to be mass producing a Covid-19 vaccine, awaiting approvals prior to launching their fix once national regulatory authorities give a green light.
Apparently, they already are running trials on 44,000 people, hoping the product works and is deemed safe.
If this is the case, they’re intending to be able to supply health services immediately.
Overall, the company ambition is to provide 1.3 billion doses worldwide, a sales potential which must surely effect its share price!
Equally, we couldn’t resist the temptation to find who makes the single use syringes required.
It turns out to be a company called ApiJect, unfortunately not listed on trading exchanges.
Presently trading around $37.8, (£29.14) Pfizer looks like their share price needs to exceed $39.6 to become properly interesting.
Such a movement looks capable of triggering an initial movement toward the $45 level.
Visually, we’d suspect some hesitation at such a point, due to previous highs.
However, with closure above $45, things become quite useful as our next target level becomes the $50 mark.
An achievement such as this should prove extremely significant, launching the share into an all-time high territory where a longer-term attraction would be $62.
There’s no doubt this has potential, so the big question will be; “shall it move on rumour of regulatory approvals or shall it move once they start shifting product?”
Regardless, it appears worth watching in the hope they don’t foul up.
Any excuse to reverse the share below $30 risks producing some fairly extreme trauma, threatening a cascade down to $20 initially with secondary, when broken, at $10.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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