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Possible Bullish Inside Day Candle Pattern Detected for Pfizer (NYSE:PFE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pfizer (NYSE:PFE) based on the price action in the company's shares. Today's price range of $34.36 and $34.46 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Pfizer may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Pfizer share prices have moved between a 52-week high of $37.39 and a 52-week low of $28.25 and are now trading 22% above that low price at $34.40 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals. The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

Pfizer has overhead space with shares priced $34.40, or 8.5% below the average consensus analyst price target of $37.58. Pfizer shares have support at the 200-day moving average (MA) of $32.28 and additional support at the 50-day MA of $31.25.

SmarTrend recommended that subscribers consider buying shares of Pfizer on November 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.43. Since that recommendation, shares of Pfizer have risen 5.8%. We continue to monitor PFE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Pfizer

Ticker(s): PFE