PFE bullish breakout of continuation wedge pattern
Updated
Pattern: PFE broke out to the long side of the wedge on pretty decent volume.
Edge: The stock was in a squeeze (red dots in the Squeeze indcator) and the squeeze fired (green) the same day it broke out of the wedge. Healthcare stocks have been strong in this weak market, so we are looking for continued strength if the market stays weak, and even bigger strength if the market rebounds.
Risk Management: Entered at $44.86 with a stop loss below the 50 day moving average ($43.75). PT1 is the 1.272% extension and PT2 is the 1.618% extension from the high to the low of the wedge.
Edge: The stock was in a squeeze (red dots in the Squeeze indcator) and the squeeze fired (green) the same day it broke out of the wedge. Healthcare stocks have been strong in this weak market, so we are looking for continued strength if the market stays weak, and even bigger strength if the market rebounds.
Risk Management: Entered at $44.86 with a stop loss below the 50 day moving average ($43.75). PT1 is the 1.272% extension and PT2 is the 1.618% extension from the high to the low of the wedge.
Trade closed: stop reached
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