Pfizer Inc. Finds Resistance After Q3 Beat And Raised Guidance

Pfizer Inc. PFE shares are trading higher by $0.69 at $34.85 in Tuesday's session. The catalyst for the rally is Q3 beat for EPS of $0.09 along with nearly $500M more in revenues. In addition, the company raised FY 2015 guidance. After a higher open, it rallied and found resistance in a familiar area at the $35.50 area. In five consecutive sessions (August 12-19), the issue peaked between $35.49 and $35.60 from August 12-19, and today's rally halted just ahead of that area at $35.45. Since reaching that elevated level, it has declined to $34.65 and is attempting to rebound into the $35 handle. Joel Elconin is the co-host of Benzinga;s #PreMarket Prep, a daily trading idea radio show.