WHETHER 200-EMA WILL STOP THE PHIZEZ SLIDING MODE?
The Pfizer Inc. Stock has been in a sliding mode since August when it hit its all-time high at $51.84 per share. However, the slide was stopped yesterday from strong support 200-period Exponential moving average and 38.2 Fibo level, which prevented the stock from drifting lower. Overall, the stock continues to trade below the downside line taken from the high of September 7th, which keeps the short-term outlook negative. However, in order to get confident on a trend continuation, the experts would like to see a dip below $41.50.
A decisive break below that barrier would confirm a forthcoming lower low and may initially target the $38.15 per share hurdle, defined as a support by the 23.6 Fibo corrections. If investors are not willing to buy near that price, then the price could experience declines towards the $33.44 area, which acted as a temporary floor for the stock between October 2020 and March 2021.
Looking at our short-term oscillators, we see that the RSI moved lower but ticked up from slightly above 30, while the MACD, already negative, has just fallen below its trigger line. Both indicators detect downside speed, which enhances the case for further declines in this stock.
The move that could change the short-term picture to positive is the subsequent rebound from 200-EMA and 38.2 corrections and a break above $42.65. This will confirm the break above the pre-mentioned downside line and a forthcoming higher high. The bulls may get encouraged to push the action towards the high around $44.84 or the peak of September 07th, at $47.52. If they don’t stop there, we could see them aiming for the all-time high above $50.00.
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A decisive break below that barrier would confirm a forthcoming lower low and may initially target the $38.15 per share hurdle, defined as a support by the 23.6 Fibo corrections. If investors are not willing to buy near that price, then the price could experience declines towards the $33.44 area, which acted as a temporary floor for the stock between October 2020 and March 2021.
Looking at our short-term oscillators, we see that the RSI moved lower but ticked up from slightly above 30, while the MACD, already negative, has just fallen below its trigger line. Both indicators detect downside speed, which enhances the case for further declines in this stock.
The move that could change the short-term picture to positive is the subsequent rebound from 200-EMA and 38.2 corrections and a break above $42.65. This will confirm the break above the pre-mentioned downside line and a forthcoming higher high. The bulls may get encouraged to push the action towards the high around $44.84 or the peak of September 07th, at $47.52. If they don’t stop there, we could see them aiming for the all-time high above $50.00.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
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