MomentumOptions.com Trade Alert (PFE) for 3/1/2023

9:00am (EST)

I have another Trade Alert for PFE this morning as shares continued their recent free-fall.

Trade Alert!

Pfizer (PFE, $40.57, down $0.21)

PFE March 42.50 puts (PFE230317P00042500, $2.10, up $0.30)

Entry Price: $0.47 (2/14/2023)
Exit Target: $2.00, raise to $2.80 (closed half at 80 cents on 2/16/23)
Return: 209%
Stop Target: $1.50, raise to $1.80 (Stop Limit)

Action. Raise the Exit Target from $2 to $2.80. The puts traded to a high of $2.46 yesterday. Raise the Stop Limit from $1.50 to $1.80. The low was at $1.98. If tripped, the total return will be at 177% with the average closing price at $1.30.

I almost closed the other half yesterday but I’m still looking for a close below $40 before Wall Street comes to the rescue. Yesterday’s 52-week low tagged $40.09. Late September 2021 support at $40 held. Lowered resistance is at $40.75-$41.

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