Trade Analysis: Quarter and+ Considering PFE
Stock Performance
– PFE stock witnessed a -43% decline in the last year followed by a further -13% in 2022 Y.
– The current year shows signs of consolidation with support levels being explored at -5% (27.35) and -10% (29.911).
– Recent patterns on the weekly chart indicate double touch at these levels.
Trade Strategy
– The proposed trading strategy is to buy and hold the stock, safeguarding with a stop level at 23.02 (-20% by Y).
– The estimated profit range lies between 35.98 and 37.42 (+25-30% by Y).
– After taking profits, the strategy suggests to wait for a downturn towards levels of 31.66 and 32.53 (+10% and +13% by Y).
Insights on the Future Trade
– A trade within the inside bar is predicted by 11th December 2023.
In Conclusion
Investing in PFE presents a complex opportunity with a promising return if managed carefully. The stock has had a challenging past but shows signs of price consolidation at the moment. This situation, along with a structured trading plan as outlined, shows the potential for attractive returns. However, these projections rely heavily on market dynamics and broader economic factors, which are beyond immediate control.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/PFE/dtLwlJ3I-Thinking-abou-Pfizer-Trade-on-Weeks-charts/
