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Pfizer Inc., Technical Analysis

1/12/2023 10:05 AM

Shares of Pfizer Inc., the largest US pharmaceutical company, are correcting at 47.00.

The daily chart shows that the price is declining, consolidating below the 50.0% Fibonacci interim retracement at 48.20.

On the four-hour chart, it can be seen that the downward movement may continue if the quotes manage to break the main support — the full correction level of 61.8% Fibonacci 46.60. The already passed intermediate correction level of 50.0% at 48.20 prevents the change of the trend, but so far, such a movement looks unlikely.

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

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