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Pfizer Inc., Technical Analysis

11/17/2022 10:21 AM

The shares of Pfizer Inc., an American pharmaceutical company, are correcting slightly above 48.00.

On the daily chart, the price approaches the upper border of the previously realized global Triangle pattern around 49.10 again.

On the four-hour chart, it can be seen that, along with the figure’s resistance line, the quotes also reached the base correction of 38.2% Fibonacci around 49.10, after which they reversed and are correcting downwards, to the initial correction of 23.6% Fibonacci around 46.30.

The development of upward dynamics after reaching 46.30 is indicated by the readings of technical indicators that keep a stable buy signal despite the correction: fast EMAs on the Alligator indicator are significantly above the signal line, and the histogram of the AO oscillator, trading in the buying zone, is forming new ascending bars.

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