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- 1 Pfizer stock price may start gaining from the demand zone to reach the $40 recovery level.
- 2 PFE shares slipped below 20, 50, 100 and 200-days Daily Moving Averages.
- 3 Pfizer Inc. (NYSE: PFE) is an American multinational pharmaceutical and biotechnology corporation headquartered at The Spiral in Manhattan, New York City.
Pfizer stock price has been declining inside an interesting channel and may get up from its ashes like a phoenix. However, PFE shares need to attract buyers in order to surge and register a breakout from the declining parallel channel over the daily time frame chart. Meanwhile, Pfizer stock got up by 0.82% in a week suggesting the signs of recovery over the chart. Investors in Pfizer Inc. (NYSE: PFE) need to wait for any directional change over the daily time frame chart.
Pfizer stock price was at $35.86 and has lost 1.27% of its market capitalization during Monday’s trading session. Trading volume is below average and needs to grow during Tuesday’s trading session. Meanwhile, buyers also need to accumulate themselves on Tuesday’s trading session for PFE shares to begin its recovery phase.
Will Pfizer Stock Price Bounce Back?
Pfizer stock price has been falling through a descending parallel channel over the daily time frame chart. However, analysts believe that PFE shares may get support and bounce back towards the upper trendline of the declining parallel channel. Nevertheless, trading volume was below average and needs to grow during Tuesday’s trading session. Meanwhile, PFE shares slipped below the 20, 50, 100 and 200-days Daily Moving Averages.
Pfizer stock price may reach the recovery level of $40 if it sustains at $38.30 following its breakout from the descending parallel channel. However, Pfizer share price has been slipping after a v-shaped recovery pattern over the daily time frame chart. PFE share price couldn’t sustain near the $55 recovery level and got distributed from the distribution phase and has been declining since December 2022. Now is the time for buyers to kickstart a rally Pfizer shares in order to register its breakout.
Technical indicators are contradictory over the price action of Pfizer stocks. Relative strength index showcases the downtrend momentum of Pfizer share price. RSI was at 37 and is heading towards the oversold territory.
MACD on the other hand exhibits the sustainability issues of PFE stock price. The MACD line is moving towards the signal line for a positive crossover. Investors in Pfizer Inc. need to wait for any directional change over the daily time frame chart.
Summary
Pfizer stock price has been declining inside an interesting channel and may get up from its ashes like a phoenix. Nevertheless, trading volume was below average and needs to grow during Tuesday’s trading session. Pfizer stock price may reach the recovery level of $40 if it sustains at $38.30 following its breakout from the descending parallel channel. Technical indicators are divergent over the price action of Pfizer stocks. Investors in Pfizer Inc. need to wait for any directional change over the daily time frame chart.
Technical Levels
- Support Levels: $35.65 and $35.35
- Resistance Levels: $37.00 and $40.00
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 stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
