Pfizer (PFE) is breaking out to new 52 week highs after consolidating for 6 months. The SCTR jumped back above 80% this week which is a sign of strength. While the broad markets like the NYSE Composite ($NYA) have been trying to make new highs since May, some of the defensive stocks like Pfizer are breaking out to new highs. The consolidation range between $33 and $35 now looks to be support on any pullback. The Relative strength in purple broke out and shows clear outperformance to the $SPX.
With a strong volume signature and a higher high on the MACD, this stock looks great. Have a good weekend and for the Canadians, a good long weekend.
Greg Schnell, CMT