Current trend

Shares of Pfizer Inc., the largest American pharmaceutical company, have been declining since the beginning of the current month, correcting to the medium-term upward trend. The price reversed from the upper border of the Murrey trading range at ​​31.25 (Murrey level [8/8]) and dropped to 28.12 (Murrey level [4/8]), which seems the key “bearish” level. Consolidation below will be a catalyst for strengthening the movement to the targets of 27.34 (Murrey level [3/8]) and 26.56 (Murrey level [2/8]). The key “bullish” level is 29.69 (Murrey level [6/8]), above the middle line of Bollinger bands. Consolidation above will ensure a return to 30.47 (Murrey level [7/8]) and 31.25 (Murrey level [8/8]).

Technical indicators confirm the possibility of further decline: Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, and Stochastic has approached the overbought zone and may reverse downwards soon.

Support and resistance

Resistance levels: 29.69, 30.47, 31.25

Support levels: 28.12, 27.34, 26.56.

Trading tips

Short positions may be opened below 28.12, with the targets at 27.34, 26.56 and stop loss 28.60. Implementation period: 5–7 days.

Long positions may be opened above 29.69, with the targets at 30.47, 31.25 and stop loss 29.20.