New York, April 22nd (TradersHuddle.com) - Shares of Pfizer, Inc. (NYSE:PFE) ended the trading session higher by $0.28 or 1.25% from its previous close. Pfizer's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
Pfizer Inc. (NYSE:PFE), the global pharmaceutical company that develops, manufactures, and markets medicines for humans and animals. The Company's products include prescription and non-prescription pharmaceuticals, and animal health products such as anti-infective medicines and vaccines. Some of Pfizer blockbuster drugs are Celebrex for arthritis pain, and inflammation and acute pain, Viagra for erectile dysfunction, and Lipitor for elevated cholesterol levels in the blood. The company was founded in 1849 and is headquartered in New York, NY.
Pfizer's recent stock range was formed by a trough where calculated support was defined at $20.80 and by a peak that established the resistance level at $22.80. This range could be used by traders managing their positions.
Traders wanting to establish a position in Pfizer or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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