Shares of Pfizer Inc., the largest American pharmaceutical company, are correcting at the 26.00 level.

On the daily chart, the price is falling below the support line of the ascending channel with dynamic boundaries of 33.50–28.50.

On the 4-hour chart, the price has exited the range, forming a new low at 24.50, which is a key support level, after which it is expected to reach 23.00. Despite the high downside potential, there is a possibility that the asset will revisit the 29.00 channel support line, but for that, it needs to consolidate above 27.00.

Technical indicators maintain a sell signal: fast EMA on the Alligator indicator is below the signal line, while the AO histogram is forming corrective bars below the crossover level.

Trading scenarios

Short positions can be opened after the price falls and stops below the level of 25.20 with a target of 23.30. Stop-loss - 26.00. Execution time: 7 days and more.

Long positions can be opened after the price rises and stops above the level of 26.20 with a target of 28.00. Stop-loss — 25.60.