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.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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