Pfizer Might Be Feeling Sickly
Big pharma names like Pfizer have held up better than most parts of the market, but now the Dow member might be feeling sickly.
The main pattern on today’s chart is the series of higher lows since March 2021 and lower highs since December. These converging trendlines have produced a triangle that PFE appears to have broken to the downside.
Attention could now focus on the April low of $47.12 because a close below that level would represent a lower low.
Next, PFE bounced at its 200-day simple moving average (SMA) in early March and early May. However, this month it ripped through the SMA without a pause. Has it lost relevance as support?
Finally, the stock made a higher high and lower low on the weekly chart: a bearish outside candle.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The main pattern on today’s chart is the series of higher lows since March 2021 and lower highs since December. These converging trendlines have produced a triangle that PFE appears to have broken to the downside.
Attention could now focus on the April low of $47.12 because a close below that level would represent a lower low.
Next, PFE bounced at its 200-day simple moving average (SMA) in early March and early May. However, this month it ripped through the SMA without a pause. Has it lost relevance as support?
Finally, the stock made a higher high and lower low on the weekly chart: a bearish outside candle.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.