Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Optimistic vaccine news from Pfizer
2020-08-21 • Updated
The coalition of Pfizer and BioNTech have announced that the regulatory review of the Covid-19 vaccine is scheduled for October. This positive news may add some tailwinds to the Pfizer stock.
Their vaccine is going through the second phase of trials in the USA and Germany now. According to Pfizer, the vaccine is “well tolerated with mild to moderate fever in fewer than 20%” of participants. It’s one of the fast-developing and promising vaccines as in July Pfizer and BioNTech have signed a deal with the US government to produce 100 million doses of its vaccine for 2 billion dollars. Companies are planning to reach same agreements with Canada, the UK and Japan. Some analysts believe this vaccine may be approved for use in the USA in November as a strategic move of Donald Trump during his re-election. If it really happens, it will make the vaccine of Pfizer and BioNTech a clear frontrunner. However, more realistic deadlines are set for the end of this year or early 2021.
Moreover, Pfizer has other successful products except from the vaccine such as Ibrance and Eliquis. Therefore, the company will prosper independently of the Covid-19 vaccine’s effectiveness. The pharmaceutical company has increased its dividend payments by 35.7% over the past 5 years. That made it a highly reliable company in the eyes of investors. Pay closer attention to BioNTech as Pifzer has lost 1% of its’ value since the beginning of this year, while BioNTech has surged by 95%.
Let’s look at the charts. Pfizer is trading just below the key resistance of $39.00. If it manages to cross it, it may jump to the psychological mark of $40.00. Otherwise, if it falls below the low of August 11 at $37.75, it may dip down to the 200-day moving average at $36.50.
Vaccine hopes may drive BioNTech above the close resistance of $71.50. If it rises above it, the way to the high of August 3 of $85.00 will be clear. On the flip side, if it drops below the low levels of early July at $63.00, it may slump to $58.00.
Bearish Scenario: Sales below 80.00 with TP1: 79.34, TP2: 78.94, TP3: 78.55, and 78.00 Bullish Scenario: Buys above 78.00 (wait for a retracement to the zone) with TP: 79.34 TP2: 80.00, and TP3: 81.00
The energy industry has undergone several major changes in the XXI that are becoming increasingly apparent…
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
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