Home
News
- 1 Pfizer stock price (NYSE: PFE) is trading near to 52-week low ahead of earnings.
- 2 PFE stock faced rejection from the 50-day EMA showcasing downtrend.
- 3 Pfizer Inc scheduled quarterly earnings on August 1, 2023.
Pfizer stock price (NYSE: PFE) fell 3.56% (approx.) in the previous week ahead of quarterly earnings. PFE stock is in a strong downtrend and trading near the 52-week high.
Pfizer stock faced rejection from the 50-day EMA and also trading below the 200-day EMA which shows the dominance of sellers. Short-term up moves are facing difficulty to sustain on higher levels indicating buyers are losing confidence.
In the mid of June, PFE stock attempted to break out of the $40.00 hurdle. Sadly, the attempt was not successful and prices reverted in the downward direction.
Slow and steady, Pfizer’s share price begin to decline by forming lower lows and drops below the $37.00 support. It triggered fear and prices declined further. The downfall ie Pfizer stock halted near $35.00 and showed a minor bounce.
PFE stock recovered for a few days but $37.00 turned out to be a strong hurdle due to which prices faced rejection. Presently, the Pfizer stock price is consolidating in a range between $35.36 to $37.80 for the short-term base formation.
Pfizer stock price closed the previous session at $36.07 with an intraday decline of -0.36%. The market capitalization stands at $203.63 Billion.
Will Pfizer Stock Take U-turn from 52-Week Low?
Pfizer stock price (NYSE: PFE) witnessed minor profit booking before the earnings. However, the price is near to the demand zone and buyers are trying their best to rebound.
Pfizer Inc is expected to release its quarterly earnings on August 1, 2023. Equity analysts estimate an EPS of 0.57 and revenue of $13.363 Billion.
If Pfizer Inc succeeds to beat the estimates then stock prices might react positively. It will increase the possibility of taking a U-turn from the 52-week low.
On the other hand, if no surprises or improvements are visible in earnings then the stock might remain in consolidation.
PFE Stock Price formed a bearish engulfing
PFE stock price formed a bearish engulfing candle on a weekly basis. It indicates sellers are more aggressive as compared to buyers. The next direction in the stock will be visible after quarterly earnings.
The MACD curve faced a hurdle near the zero line and reversed down. If the sell-off continues then MACD might generate a negative crossover which will indicate bearishness. The RSI at 41 slopes down denotes weakness and the curve might test oversold territory.
Conclusion
Pfizer stock price (NYSE: PFE) is bearish and trading near to the 52-week low. The quarterly earnings are scheduled next week which might bring surprises for the bulls.
The technical analysis suggests that PFE stock price is near crucial support and the possibility of taking an U-turn is high.
Technical levels
- Resistance levels: $38.00 and $40.00
- Support levels: $35.36 and $34.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
