- PFE stock trades with a volume of 26.43 Million during the intraday trading session.
- The Pfizer Inc. stock price faces resistance from the 20 and 50-day EMAs on the daily chart.
Pfizer Inc. (NYSE: PFE) was established in 1949 in New York. It is an American multinational pharmaceutical and biotechnology company. It is also one of the largest research-based companies dedicated to discovering and developing some of the world’s most impactful medicines and vaccines.
Pfizer Inc. (NYSE: PFE): Technical Analysis
The PFE stock price is currently at the $32.10 level. There has been a decline of 0.86% in the price during the intraday trading session. Additionally, PFE stock trades with a volume of 26.43 Million during the intraday trading session. The previous day’s closing of the stock price was $32.38 with the current P/E ratio at 8.56. The total market capitalization of the stock stands at $181.24 billion.
Technical Analysis Of PFE Stock
The stock price is currently in a downtrend, characterized by the formation of swing lows and lower highs. It has encountered strong resistance from a trendline that is forming above it. Furthermore, the price recently broke down below the support level at $34.98, which has contributed to the continuation of its downward trajectory.
The price is currently trading between $34.98 and $30.04 after the breakdown of the $34.98 support level, because of the strong selling pressure. In the last two trading sessions, the price had formed a strong bearish candle at $32.94, reflecting the bears’ presence at that level.
If the PFE stock price gives a breakout of $32.94 then it may be seen rising to the trendline forming above. If it also breaks above the trendline, then it may reach the resistance level at $37.16. However, for the continuation of its bearish rally, it should close below $30.04 after which it may fall to $26.60.
Technical Indicators On the PFE Chart
The PFE stock price faced resistance from the 20 and 50-day EMA and is currently below the 20, 50, 100 and 200-day EMAs, indicating the bears’ dominance over the price.
The relative strength index (RSI) is currently at 25.31, which is below the 30 mark on the lower band. This position in the oversold area suggests that the bears have exerted significant selling pressure, pushing the price down. However, it also indicates that there is less room for further downside movement, and the stock may be approaching a potential reversal or period of consolidation.
Conclusion
Overall, the chart of Pfizer Inc. (PFE) is bearish on a daily time frame. If the price gives a breakout of $32.94, then it may be seen rising to the trendline forming above. If it also breaks above the trendline then it may reach the resistance level at $37.16. However, for the continuation of its bearish rally, it should close below $30.04 after which it may fall to $26.60.
Technical Levels
- Resistance levels: $34.98 and $37.16
- Support levels: $30.04 and $26.60
Disclaimer
The views and opinions stated by the author, or any person named in this article, are for informational purposes only. They do not establish financial, investment or any other advice. Investing in or trading stocks comes with the risk of financial loss.
