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5 Big Trades for a Ping-Pong Market


Pfizer ( PFE), on the other hand, is a good example of what happens when a stock falls through trendline support. The pharma giant spent most of 2013 in an uptrend, climbing around 24% from the first trading session in January until the end of April. But the break below support in mid-May signaled that PFE was due for lower levels.

>>5 Buy Signals From the Health Care Sector

Now Pfizer is testing trendline resistance, bumping up against the upper-end of a downtrending channel after rallying for a handful of days when the broad market failed to. That sounds like a selling opportunity for all of the reasons that Chevron's chart is a buy.

But PFE gets the same caveat that CVX does before it makes sense to put real money on the line: Wait for a bounce. The 50-day moving average is right above the top of the channel on Chevron's chart; that's where I'd recommend keeping a protective stop.
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AAPL $93.99 0.31%
CVX $85.43 2.94%
JNJ $101.82 0.12%
PFE $29.36 0.79%
WFC $47.31 4.76%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

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