Solid News

Pfizer Inc.,Technical Analysis

8/11/2022 11:08 AM

The shares of Pfizer Inc., the largest US pharmaceutical company, correct below 50.00.

A global corrective trend is forming on the daily chart of the asset. The price is clamped within the Triangle pattern with dynamic boundaries of 46.00–53.00, and, given the length of the last wave of the formation, the moment of implementation will not come soon.

On the four-hour chart, the local decline continues after reaching the pattern's resistance line at 53.00, with the target at the support line at 47.00. Given the duration of the formation of this pattern and the number of internal waves, the probability of reaching the lower limit is extremely high.

Technical indicators have recently reversed downwards: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram forms downward bars in the sell zone.

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