Opportunity on PFE
Updated
A viewer on my Livestream Friday brought to my attention that Pfizer 
PFE is coming off a major low (COVID Low) and has done a pullback to the 50% of the Impulse Move off said low. This is why I love doing Livestreams and having a trading community... idea crowdsourcing!
I like these setups especially as the S&P 500 and many stocks within it are making new 52 Week highs leaving many wondering "what's a good reward/risk at this point?"
The pullback on the Weekly bring price to the 50% of what I call an "Impulse Move" off the low: the first major reaction to confirm that price is respecting a low. See the Daily chart below for a lower timeframe view:
I would not want to hold the position if price breached the major low. My first Target would be the 50% Retracement of the Bearish trend at 40.32. This sets up a proper 3 to 1 Reward/Risk Ratio. I will likely express this trade with shares purchased but may seek to buy Calls as well.
PFE is coming off a major low (COVID Low) and has done a pullback to the 50% of the Impulse Move off said low. This is why I love doing Livestreams and having a trading community... idea crowdsourcing!I like these setups especially as the S&P 500 and many stocks within it are making new 52 Week highs leaving many wondering "what's a good reward/risk at this point?"
The pullback on the Weekly bring price to the 50% of what I call an "Impulse Move" off the low: the first major reaction to confirm that price is respecting a low. See the Daily chart below for a lower timeframe view:
I would not want to hold the position if price breached the major low. My first Target would be the 50% Retracement of the Bearish trend at 40.32. This sets up a proper 3 to 1 Reward/Risk Ratio. I will likely express this trade with shares purchased but may seek to buy Calls as well.
Note
Well I'll be darned! Got a opening spike right down to 28.02... I did not miss it after all!
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
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