Pfizer Stock Price hit 52 week low; Will PFE Stock decline further?

• Pfizer Stock Price (NYSE: PFE) gap down in previous session and hit a 52 week low.
• The PFE Stock faced a strong rejection from the 50 day EMA.
• Pfizer Stock Price struggled to defend the $36.00 support. 

Pfizer Stock Price (NYSE: PFE) fell 4% approx on June 27, 2023 and sellers attempted to break down the $36.00 support. It hit a 52 week low but closed the session by forming a bullish hammer candle. 

PFE Stock Price corrected 10% approx from the recent swing high and erodes the gains generated in previous month. The buyers tried twice to break out of the $40.00 hurdle but got rejected. It indicates sellers are highly active and $40.00 is now turned as a strong hurdle for bulls. 

In the mid of May, Pfizer Stock took support near $36.00 and triggered a sharp buying. Well the up-move was not long lasting and buyers faced rejection from the 50 day EMA. 

The 200 day EMA sloping down denotes the positional trend is downward direction. If any short term pull back arrives then reliability of the up-move will remain doubtful until buyers breakout of $42.00 hurdle. 

Pfizer Stock Price closed the previous session at $36.89 with an intraday decline of -3.68%. The volatility has increased substantially shows that the speculative activities are also high. The market capitalization stands at $208.26 Billion.

Will Pfizer Stock be able to defend the $36.00 support?

Pfizer Stock Price down by 28% on the YTD basis which is disappointing for the long term investors. The prices are in a downtrend and continuously declining by forming lower low swings. 

Presently, the PFE Stock is near to crucial support and buyers are trying their best to defend it. If the prices decline further then more down side will open and will surely raise concern for the long term investors. The next visible support for the  bulls will be $33.00. 

On the other hand, If the Pfizer Stock takes a U-Turn then prices might rally toward $40.00. However, the positive momentum will come when buyers are able to break out of the $42.00 hurdle. 

The technical analysis suggests, PFE Stock is in downtrend and $36.00 support is a risk.

PFE Stock Price Analysis on weekly time frame

PFE Stock formed a bullish hammer candle on the weekly time frame. But the possibility of giving follow up momentum is low. Well, if the buyers succeed to defend the support the price is expected to consolidate in the range between $36.00 to $40.00. 

The MACD curve has generated a negative crossover and histogram bar is also in a declining phase. It indicates bearishness and more downside is possible. The RSI at 36 sloping down denotes weakness and prices might enter into the oversold territory. 

Conclusion

Pfizer Stock Price (NYSE: PFE) fell miserably in the previous session and hit a 52 week low. PFE Stock formed a bullish hammer candle showing that buyers are active and trying their best to defend the $36.00 support. 

The technical analysis suggests, PFE Stock is in bear grip and probability of breakdown is high. 

Technical levels

Resistance levels: $40.00 and $42.00

Support levels: $36.00 and $33.00

Disclaimer

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