MomentumOptions.com Trade Alert (PFE) for 2/28/2023

8:00am (EST)

I have a Trade Alert for PFE with the position now up a whopping 177% in just two weeks.

Trade Alert!

Pfizer (PFE, $40.78, down $0.97)

PFE March 42.50 puts (PFE230317P00042500, $1.80, up $0.60)

Entry Price: $0.47 (2/14/2023)
Exit Target: $2.00 (closed half at 80 cents on 2/16/23)
Return: 177%
Stop Target: $1.10, raise to $1.50 (Stop Limit)

Action. Raise the Stop Limit from $1.10 to $1.50 on the other half of the position.

Shares are pushing 52-week lows with yesterday’s bottom at $40.73. Mid-October and upper support at $40.75-$40.50 was breached but held. Lowered resistance is at $41-$41.25.

RSI is now at 22 and extremely oversold levels. However, RSI did trade into the mid-teens in July 2019 so we could see lower lows in the stock before a bounce. Late September 2021 support is at $40.

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