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

By Nick Russo

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 $35.27 and $35.42 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 (NYSE:PFE) has potential upside of 14.8% based on a current price of $35.33 and analysts' consensus price target of $40.56. 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.

In the past 52 weeks, Pfizer share prices have been bracketed by a low of $28.25 and a high of $37.39 and are now at $35.33, 25% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

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.

SmarTrend recommended that subscribers consider buying shares of Pfizer on April 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.17. Since that recommendation, shares of Pfizer have risen 12.8%. 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