Pfizer Trades Higher on Vaccine

Pfizer (PFE) Trades Higher on Vaccine

Pfizer (PFE), a U.S. pharmaceutical giant, reported positive results from a trial of the Covid-19 vaccine it jointly developing with Germany's BioNTech. The Company also confirmed that the vaccine is on track to be submitted for regulatory review in October.

Last month, both companies obtained a $2 billion deal to supply the U.S. government with an initial 100 million doses of the vaccine.

Meanwhile, Johnson & Johnson (JNJ), a vaccine-making competitor, announced plans to test its Covid-19 vaccine in 60,000 people, double the number tested in Pfizer's study.

In after-market hours, both Pfizer's and Johnson & Johnson's shares traded modestly higher.

On a Daily Chart, Pfizer (PFE) is forming a Triangle Bullish Continuation Pattern.

Sources: GAIN Capital, TradingView

A clear break above the upper boundary of the Triangle Pattern would call for a continued rally.

It has returned to levels above both 20-day and 50-day moving averages.

A continued uptrend should bring the stock back to $39.55 (around the recent high seen in late July).

Above that level, PFE should then aim at $40.95.(around the previous high seen in January).

Bullish investors should take the level of $37.25 (around the recent low seen in late July) as the Key Support (Stop-loss level).

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