Shares of pharmaceutical giant Pfizer (PFE) were last reviewed on October 31 where we wrote that "These four charts and indicators of PFE give me a mixed review. With the broad market averages rallying this month the improvement in the charts of PFE could be more short covering than new outright buying. I don't have any knowledge of what PFE will be telling shareholders Tuesday so I would stand aside at this point in time."
As things played out prices continued higher and have reached a position where they are poised to either breakout over their June/July highs or reverse and turn lower. Let's check the charts again.
In this updated daily bar chart of PFE, below, we can see that prices have rallied from early October. Prices are now trading above the rising 50-day moving average line and above the bottoming 200-day line.
The On-Balance-Volume (OBV) line is in a parallel upward trend and the Moving Average Convergence Divergence (MACD) oscillator is bullish.