Current trend

Shares of Pfizer Inc., the largest American pharmaceutical company, have been falling for the second month within a medium-term downward trend under pressure from the nomination of Robert Kennedy Jr., known for his skepticism of both vaccines and pharmaceutical companies in general, as the US Secretary of Health. During this time, the price reversed at 30.47 (Murrey level [7/8]), crossed the main Murrey trading range downwards and is trying to consolidate below its border of 25.00 (Murrey level [8/8]). Then, it may reach the area of ​​24.22 (Murrey level [–1/8]) and 23.44 (Murrey level [–2/8]). In case of a breakout of the middle line of Bollinger Bands 27.34 (Murrey level [3/8]), growth to the area of ​​28.91 (Murrey level [5/8]) and 29.69 (Murrey level [6/8]) is likely.

Technical indicators reflect that the downward trend will continue: Bollinger Bands are directed downwards, the MACD histogram is increasing in the negative zone, and Stochastic is horizontal near the oversold zone.

Support and resistance

Resistance levels: 27.34, 28.91, 29.69.

Support levels: 25.00, 24.22, 23.44.

Trading tips

Short positions may be opened below 25.00, with the targets at 24.22, 23.44 and stop loss 25.55. Implementation period: 5–7 days.

Long positions may be opened above 27.34, with the targets of 28.91, 29.69 and stop loss of 26.40.