What to trade on May 9-13?
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
Stock market: Pfizer has problems
2019-11-11 • Updated
Trade ideas
SELL 41.20; TP1 40.70; TP2 40.35; SL 41.35
Pfizer continues the downtrend since the end of the last year. Last week the stock experienced a heavy selloff. This week it tried to recover but met the resistance of the 200-day MA at 42.00.
A double top pattern with the neckline in the 41.50 area can be seen on H1. It allows bears to pull the price to 40.70 and even 40.35 (March low). The longer-term target lies around 39.30 (January low). Only the advance above 42.00 will give bulls a chance to push the price to 42.85 (100-day MA).
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