Current trend

Shares of Pfizer Inc., the largest American pharmaceutical company, are moving within a long-term ascending channel. This week, they reached its lower limit of 28.12 (Murrey level [4/8]). After a breakdown, a transition to the negative part of the Murrey trading range and reaching the area of ​​26.56 (Murrey level [2/8]) and 25.00 (Murrey level [0/8]) are possible. If the quotes consolidate above 29.69 (Murrey level [6/8]), supported by the middle line of Bollinger Bands, growth to the area of ​​31.25 (Murrey level [8/8]) and 32.03 (Murrey level [ 1/8]) may follow.

Technical indicators do not give a single signal: Bollinger Bands have moved horizontally, Stochastic is reversing upwards in the oversold zone, and the MACD histogram may soon move into the negative zone.

Support and resistance

Resistance levels: 29.69, 31.25, 32.03.

Support levels: 28.12, 26.56, 25.00.

Trading tips

Long positions may be opened above 29.69, with the targets at 31.25, 32.03 and stop loss 28.70. Implementation period: 5–7 days.

Short positions may be opened below 28.12, with the targets at 26.56, 25.00 and stop loss 29.25.