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- 1 Pfizer stock price has made its new 52-week low on Monday’s trading session.
- 2 Pfizer share price increased 0.22% during Thursday’s trading session with an opening price of $40.06 and a closing price of $40.37.
- 3 Pfizer share price is trading below the 20, 50, 100, and 200-Day EMAs.
Pfizer stock price was at $40.37 with a rise of 0.22% in Thursday’s trading session. The trading volume remained below average in that session. The formation of the inverted bullish hammer candlestick pattern over the daily time frame chart may be the reason for the bullish reversal that can be seen on the daily trading chart.
From the start of 2023, Pfizer stock price was in a steep downfall after buyers tried to maintain the stock near its primary resistance of $52.00. This indicated the presence of strong selling intent. From then onward the sellers completely dominated the market pushing the Pfizer stock price below its 20-Day EMA. And because of the heavy selling pressure, Pfizer stock price broke its major support of $41.49 and made its new 52-week low on Friday’s trading session.
The formation of an inverted hammer candlestick pattern indicates a bullish reversal as can be seen on the daily time frame chart. The occurrence of an inverted hammer candlestick pattern after a prolonged sell-off when prices are near their lows for that period shows that buyers are becoming active again in the market. This may be one of the many reasons why Pfizer stock price had shown a bullish reversal over the daily time frame chart. Now the major support has become the new primary resistance for the Pfizer stock price.
More About Pfizer Inc. (NYSE: PFE):
Pfizer Inc. is a global biopharmaceutical company that discovers, develops, manufactures, markets, distributes, and sells a wide range of medicines and vaccines. Its products address various therapeutic areas, including cardiovascular, infectious diseases, COVID-19 prevention and treatment, and chronic immune and inflammatory diseases.
The company also offers biosimilars, sterile injectable and anti-infective medicines, and contract manufacturing services. It serves various customers such as hospitals, clinics, pharmacies, and government agencies worldwide. Pfizer has collaborations with several other pharmaceutical companies and is headquartered in New York City. The company was established in 1849 and has a long-standing reputation in the industry.
Pfizer Inc. (NYSE: PFE) Stock Price Technical Analysis:
According to technical indicators, Pfizer stock price may show an upward movement. RSI is increasing in the oversold zone and is showing a positive crossover which indicates that the buyers are accumulating and pushing PFE upwards.
Essentially, the present bullish influence is strong. The current value of RSI is 36.70 which is above the average RSI value of 28.06. The MACD and the signal line are increasing and showing a positive crossover over the daily chart which supports the RSI claims.
Summary
Pfizer stock price increased on Thursday by 0.22% to $40.37, although the trading volume was still below average. The stock price has been sharply declining since the start of 2023, with buyers trying to hold it close to the primary resistance level of $52.00. A probable bullish reversal is nonetheless indicated by the formation of an inverted hammer candlestick pattern on the daily time frame chart. Technical indicators like the RSI and MACD are rising and showing a positive crossing, which suggests that the present rise is strong. Following a protracted downward trend, this might be a big turning point for Pfizer stock price.
Technical Levels
Resistance Levels: $40.78 and $41.57
Support Levels: $39.98 and $39.06
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
