A very small inverted head and shoulders chart pattern has been observed on the Pfizer (NYSE: PFE) daily chart. The head is at $14.00, whilst the left and right shoulders are at $14.40. The neckline has been broken with rising volume. Stochastic is not in over-bought region. All these are good signs for this pharmaceutical giant. This is good news for Pfizer, whose stock price has been falling since year 2000, from a high of $45, down to yesterday's $15.02. The forward P/E is down to 7x for 2011.
However, all those good signs may turn negative, if analysts' estimates are not met when Pfizer makes their Q2 2010 quarterly earnings announcement next week (Aug 3rd, 2010).
Trade with caution and happy investing!
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