Saturday, February 09, 2008

PFE Update on 02.09.2008


Monthly chart shows stock stuck in a consolidation range lasting several years. Jim Cramer called PFE a buy on August 15, 2007. For those who bought on his recommendation, they would not happy campers. Price is currently below key LIS at the $25 range, and heading towards its lows. No buy pattern/signal on this timeframe for bulls. Sell signal remains in effect.

Weekly chart shows increased selling pressure, with last week's trading activity completely wiping out the prior week's gains. Early bulls were met with bears at the key LIS .... where "old support becomes new resistance". No buy signal/pattern evident on this timeframe.

Daily chart shows strong selling on with Friday's trading session, capping a week full of weakness and selling pressure. IF the low holds, THEN look for continued consolidation, and another opportunity to exit any longs. Any bounce in price is a good opportunity to enter shorts.

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