In July we looked at a bullish breakout by Pfizer (PFE) from a multi-month consolidation/coiling pattern. We suggested upside towards $39 and then $40, but the market took price up to $42.75 before stalling. And now, a bearish engulfing candle to start the week suggests $PFE is in for a period of consolidation or bearish correction.PFE Daily Chart(click to enlarge)Bearish Divergence:- On top of the bearish engulfing candle, we also see a bearish divergence between price and the RSI.- We should indeed anticipate a correction back towards the $39-$40 area.- We should also monitor the RSI and see if it dips towards 40. If it holds above 40, it would be a sign that the bulls are still in charge despite the pullback.It should be noted that today's dip came as competitors gained. According to marketwatch, "Pfizer Inc.’s rare-disease drug tafamidis could be a blockbuster product. But recent positive results for the product have really only lifted Pfizer’s rivals. The data left plenty of openings for competitors, most Wall Street analysts agreed, and Pfizer avoided drawing comparisons when discussing the results on a Monday conference call."(Pfizer stock drops 2% as positive rare-disease drug results won’t stop competitors - Marketwatch.com)This is the type of news that can send Pfizer into a pullback followed by a period of consolidation. Those looking to buy Pfizer on the dip will likely have plenty of opportunity in the next couple of months.