Tuesday, February 2, 2021 1:48 PM EST
Leading pharmaceutical giant, Pfizer Inc (PFE), is declining lower after reporting earnings. Many traders and investors thought the stock would rally higher because of the recent launch of their coronavirus vaccine. The fact is that the markets are very efficient and that news was already baked into the cake. Today, Pfizer (PFE) stock is trading lower by 2.60% to $34.85 a share. The stock is now trading below its 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and usually signals lower stock prices are ahead.
The next major support level that I see for Pfizer (PFE) stock will be around the $32.00 area. This important support area is where the stock broke out late June 2020. Often, stocks will be defended when they backtest their prior breakout levels. There is also a key retrace level for the stock around the $32.00 level. That retrace area should also be a supporting factor for a bounce in the stock when tested.
(Click on image to enlarge)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.
$36!