A financial market needs new stocks to keep its bullish bias intact. S&P500 closed at all time high today and one stock that looks set to move higher: Pfizer.
The Chart speaks for itself. Here's the daily chart of Pfizer
Is there any fundamental trigger for stock to make a move? No Idea. The Valuation looks attractive with stock trading at dividend yield of 3.65%, which is great for Large-cap stable company. All that matters right now is Price Action and as long as stock stays above 34 - 12-15% rally in Pfizer over next 4-6 months cannot be ruled out. In financial market, nothing is certain and hence we will see what happens
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers