Today, many of the leading pharmaceutical stocks are pulling back today. Leading pharma stocks such as Pfizer Inc (PFE), Merck & Co (MRK), Abbott Labs (ABT), Eli Lilly & Co (LLY), Johnson & Johnson (JNJ) and several others are all weak again to start the week. This industry group was actually one of the strongest sectors since the March lows, but it has been slumping since mid-April 2020.
Many traders and investors know that the big pharma companies are racing to find a coronavirus vaccine and or a therapeutic drug. Some of these pharmaceutical companies have promised to have a vaccine by the end of the year. This tells me that traders should now watch these charts very closely going forward. The current charts of the pharma stocks are indicating a near term pullback pattern before another likely buying opportunity arises. I will be looking at all of these leading pharma stocks over the next fews weeks as the chart patterns unfold.