We reviewed the chart of Pfizer (PFE) on Aug. 19 and wrote that "We looked at the charts of PFE on July 28 and gave targets of $61 and $94. Today we offer $54 in addition to $61. Longer-term the $94 to $104 area is a target."
Pfizer reached our $61 price target on Thursday, so let's inspect the charts again.
In this updated daily bar chart of PFE, below, we can see that prices have soared quickly in recent days. Prices are still in a strong uptrend with prices closing at or near the highs of the day. The daily On-Balance-Volume (OBV) line is strong and pointed higher. The slope of both the 50-day and the 200-day moving averages are bullish. The Moving Average Convergence Divergence (MACD) oscillator just crossed to the upside for a fresh outright-buy signal.
In this weekly Japanese candlestick chart of PFE, below, we see a bullish picture. Prices are in a strong uptrend with a large white (bullish) candle. The 40-week moving average line is rising. The weekly OBV line has made a new high along with price. The MACD oscillator is bullish.
In this daily Point and Figure chart of PFE, below, we can see a new price target of $82.
In this weekly Point and Figure chart of PFE, below, we used a five box reversal filter. Here the software projects a $103 price target.
Bottom line strategy: PFE has been on a roll and I find no reason why we should not expect further gains. The $82 area is our next price target. $94 and the $103-$104 area are the targets above $82.
