$PFE - Possible broadening wedge breakout Looking like the stock might be in the process of breaking out of that Broadening wedge. Although there is a possibility of head and shoulder completion, I am not sure it will play out.
However, there is earning coming up on Feb 8 that could decide which pattern will play out.
Here is how I see it. If the price breaks above $55, the bullish case will play out and price could reach $64.
But if the price breaks below $50 and more importantly $49, the bearish case will play out with potential fall to $45.
But I am leaning bullish case.
Bullish target 1 - $56
Bullish target 2 - $64
Risk - the price breaks down to $45 and fill the gap.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.