PFE Vaccine Hope UPDATEHello my friends, me again
After this wild week, I wanted to update my previous PFE chart to scale the week ahead from a TA perspective.
After the large run up we saw on Monday, I was certain we were making a break for it but the news came out that Pfizer CEO pawned off a large portion of his shares which brought overall price down. I still held my bullish mentality as the vaccine is our only glimpse of hope to get back to normal. We began to form a classic bullish flag as we descended downwards, but overtime it developed into a classic falling wedge pattern, as noted in blue (1 hour). We are breaching back over the top of the ascending triangle (yellow) which I previously deemed as a large support price which I believe should hold given the market stabilizes next week. In the background, you will notice a square grid pattern going on. This pattern is a combination of a Fibonacci retracement (up and down) and a Fibonacci time zone (left and right). I know many of you use the Fib retracement so I won't explain that, but the Fib time zone is quite uncommon so I will explain. The Fib time zone shows when price has potential to change in trend created off a previous swing in price. If viewed on the 1 hour, you will see that we just entered a new time zone which immediately jumped in price. I believe we will continue the run up not only through the 5th time zone but also steadily through the 8th time zone as well.
Overall, I remain bullish PFE.
TL;DR:
-Positive trial 3 news = bullish
-CEO sells off shares = bearish
-Ascending triangle breakthrough (Yellow) = bullish
-Falling wedge (blue, 1 hour) = bullish
-Fibonacci retracement = Closed above, bullish
-Fibonacci time zone (1 hour) = Entered 5th, bullish
-MACD = Still bullish
-RSI = Recent heavy oversell, bullish
Feel free to add anything else/dispute what I have said. I am here to learn like the rest of you!
