On August 2 we saw the huge Cup with Handle formation that Pfizer has been building since 1999. All that was needed to trigger the formation was a break above the neckline at 44.05. This was trigger yesterday. The formation is now calling for a rally towards the target at 83.34 and maybe even higher than that. An almost 100% rally in the months ahead should be good enough for most investors.
Often we see the formation triggered and after the first spike higher a temporary set-back to re-test the neckline near 44.05 should be expected before the real move higher takes place, so don't be surprised to see a temporary set-back near term, it will just make the next move even stronger.
The material has been provided by InstaForex Company - www.instaforex.com