Pfizer Could Be Just What The Doctor Ordered
Nicholas Santiago | Mar 04, 2013 12:23AM ET
The recent stock market rally is getting long in the tooth. Major stock indexes will only go so far in one direction before pulling back or staging a 7.0 to 10 percent correction. When stock indexes have run as far as they have recently, it makes it very difficult to pick stocks that can have further upside in the short term. However, in the stock market there is always opportunity around the corner.
Pfizer Inc (PFE) is one of the world's largest pharmaceutical companies. The PFE stock is one of the few leading stocks that is still signaling possible upside on the charts. Traders and investors can still look for another $3.00 points to the upside in this leading name. Currently, the stock is trading at $27.39 a share as of the close on March 1, 2013. Traders and investors can easily take note of the sideways basing pattern that the stock has been making on the charts since January 29, 2013. The pattern in place tells us that the stock should face a lot of daily and weekly chart resistance around the $30.00 level. Therefore, the stock still has some further upside in the cards. Should the stock reverse the current trend there should be some daily chart support around the $26.00 level.
Pfizer Inc is one of three leading pharmaceutical stocks that is part of the Dow Jones Industrial Average(DJIA). The other two leading pharmaceutical stocks in the DJIA are Merck & Co Inc (MRK), and Johnson & Johnson (JNJ). PFE stock still looks better than these other two leading pharmaceutical stocks (MRK, JNJ) on the charts at this time.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.