Pfizer Facing Some Resistance Ahead Of Earnings

Since it announced that it had developed one of the first successful COVID-19 vaccines, Pfizer (PFE) has been one of the most talked about companies in America, probably the world as well. The company’s vaccine first started getting administered back in December with the first injection going to a 90-year old woman in England. Pfizer has likely seen a big increase in name recognition around the globe, but the stock hasn’t seen a huge jump.

Pfizer is getting ready to release first quarter 2021 earnings results on May 4. Looking at the weekly chart for the stock, it could be hitting some resistance ahead of that report. We see that the $39 level has acted as resistance on a couple occasions in the past and the stock is sitting just below that level currently.

PFE Tickeron TM.png

In October 2018, the stock peaked at $39.10 before retreating for a few weeks and then making a false breakout before dropping below $34. Pfizer rallied again in the second quarter of 2019 and peaked at $39.01 in early July that year. Once again the stock retreated from there, this time falling to the $30 level.

The stock did finally break through $39 in the first part of December, but the stock tumbled again and wound up back down in the $33-$34 range back in February. Now the stock has rallied over the last few months, but hasn’t been able to close a week above $39 during the recent rally.

The weekly overbought/oversold indicators are at or near overbought levels thanks to the eight week rally the stock has gone through. Now it’s heading in to the earnings report with a possible breakout or another breakdown possible.

The daily technical indicators are neutral at this time. The Tickeron Technical Analysis screener shows zero bullish signals and zero bearish signals in the last few weeks.

PFE Tickeron TA Screener.jpg

Having the daily indicators neutral and the weekly indicators showing overbought readings could actually help the stock breakout. I would be worried if both the daily and weekly indicators were in overbought territory.

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Roger Keats 1 week ago Member's comment

Good read