Pfizer Could Be What The Doctor Ordered
The recent stock market rally is getting long in the tooth. Major stock indexes will only go so far in one direction before pulling back or staging a 7.0 to 10 percent correction. When stock indexes have run as far as they have recently, it makes it very difficult to pick stocks that can have further upside in the short term. However, in the stock market there is always opportunity around the corner.
Pfizer Inc (NYSE:PFE) is one of the world's largest pharmaceutical companies. The PFE stock is one of the few leading stocks that is still signaling possible upside on the charts. Traders and investors can still look for another $3.00 points to the upside in this leading name. Currently, the stock is trading at $27.39 a share as of the close on March 1, 2013. Traders and investors can easily take note of the sideways basing pattern that the stock has been making on the charts since January 29, 2013. The pattern in place tells us that the stock should face a lot of daily and weekly chart resistance around the $30.00 level. Therefore, the stock still has some further upside in the cards. Should the stock reverse the current trend there should be some daily chart support around the $26.00 level.
Pfizer Inc is one of three leading pharmaceutical stocks that is part of the Dow Jones Industrial Average(DJIA). The other two leading pharmaceutical stocks in the DJIA are Merck & Co Inc (NYSE:MRK), and Johnson & Johnson (NYSE:JNJ). PFE stock still looks better than these other two leading pharmaceutical stocks (MRK, JNJ) on the charts at this time.