- Finally, Pfizer’s share price recovered above the 0.5 level of the Fibonacci retracement level.
- After the breakout above the 200 DMA, the buyers found support at this point during the retracement.
Analysts predict that the US Fed will hike policy rates by 50 basis points to 4.25%-4.50 by the end of December, putting pressure on global markets. Wall Street’s main indexes fell on Friday as a larger-than-expected jump in monthly producer prices fueled concerns.
NYSE:Pfizer, on the other hand, has outperformed since mid-October. Feather Investors reached a high of $61.71 on December 20, 2021. This was the point at which long-winding emerged. As a result, the bulls witnessed an FY2021 low of $41.45, losing about 32% of their gains in this decline.
As of now, the Pfizer stock price is moving under positive trend. This V-shaped recovery started near the annual bottom, and it’s not ended yet. Ultimately the Pfizer stock price reclaimed above the 0.5 level of Fib retracement. Lated on, the $51 zone turned into immediate support level. If buyers fail to hold price above this then $46 level will be the next support.
Trading volume observes enough for positive momentum. On Friday, trading volume decreased to 19.9 million because seller participation was high. Resulting buyers failed to manage Pfizer stock price at six months high of $52.8. In the letter of 9 November, NYSE: PFE stock price closed at $51.63 mark along with Gravestone doji candlestick.
Pfizer share price is trading above all important moving averages on the daily price chart. After the breakout above the 200 DMA, the buyers found support at this point during the retracement.
Traditional indicators like RSI and MACD favor further bullish rally. The RSI peak remains close to the overbought zone when the MACD spreads higher in the positive zone.
conclusion
Pfizer share price was under heavy selling pressure on Friday. If the bulls fail to keep the share price above the 0.5 level of the Fibonacci retracement level, then this selling pressure could hamper the further bullish rally.
Technical Levels
Support level – $49 and $46
Resistance level – $54 and $60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/10/pfizers-stock-hit-a-five-month-high-on-december-9-what-next/