Pfizer logo on the background. Coronavirus, Covid-19 vaccine concept. Image source: ©Rfranca © 123RF.com
The U.S. pharmaceutical giant Pfizer delivered better-than-expected earnings data for Q1. According to the findings of the report that was posted before the market open today, the company's revenue reached $14.58 billion, up from the $13.51 billion that was initially projected.
PFE's stock price opened the session at the psychologically significant threshold at 40.00 but has since then started to depreciate. In the first hour since the sounding of the bell, the stock dropped by 0.40 per cent.
PFE 1W Price Chart. Image source: Trendsharks ©, created with TradingView.com
Nevertheless, the underlying market sentiment remains ostensibly bullish, as can be seen on the hourly chart above. The share price bottomed out one year ago and has started to recuperate since then.
The preceding downtrend took the form of a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Upon its completion, PFE started developing a new broad ABCD pattern.
The price action has recently finalised the intermittent BC leg, which notably bottomed out at the 38.2 per cent Fibonacci retracement level at 33.63. It is currently developing the second impulse leg (CD), which is expected to peak above the previous all-time high at around 45.90.
Before the rally could be extended further north, however, the price action would have to break out above the psychologically significant resistance at 40.00. Before such a decisive breakout takes place, PFE's share price may drop to the closest support - the 61.8 per cent Fibonacci retracement level at 37.61.
Pfizer's Earnings Beat Wall Street's Expectations
Pfizer posted record-breaking revenue numbers in Q1, similarly to the recorded performance of other major U.S. companies over the same period. Revenue was revealed to be at $14.58 billion vs $13.51 billion expected.
Pfizer's q/q EPS Data. Image source: TradingEconomics.com
Earnings Per Share (EPS) were posted at $0.93 vs $0.77 anticipated. This marks the best earnings performance for the company to date.
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