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

By Shiri Gupta

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 $32.21 and $32.36 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.

Potential upside of 25.6% exists for Pfizer, based on a current level of $32.29 and analysts' average consensus price target of $40.56. The stock should find initial support at its 200-day moving average (MA) of $32.28 and further support at its 50-day MA of $31.25.

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.

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 $32.29, 14% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.90% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Pfizer on August 8th, 2016 by issuing a Downtrend alert when the shares were trading at $34.99. Since that call, shares of Pfizer have fallen 8.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Pfizer

Ticker(s): PFE