PFE Breaking Out After Long Series of Corrections

Pfizer Inc. (NYSE:PFE) — This is the world’s largest pharmaceutical company producing a wide range of drugs. In October 2009, it acquired Wyeth.

The stock has had a long history of earnings improvements, which have resulted in increasing dividends. The current dividend yield is 3.86%. Analysts have raised their price target to $28-$30.

Technically PFE is breaking from resistance at $23 after a long series of corrections, each of which held on its bullish support line. The breakout is supported by a new buy signal from our proprietary indicator, the Collins-Bollinger Reversal (CBR), and a short-term buy signal from the stochastic. The trading target is $28, but PFE is an investment-grade stock that should be held for long-term appreciation.

Trade of the Day – Pfizer Inc. (NYSE:PFE)Trade of the Day Chart Key

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