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Pfizer Inc., Murrey Analysis

1/23/2023 3:09 PM

The shares of Pfizer Inc., the largest American pharmaceutical company, have been declining since the middle of last month.

After a reverse at 54.69 (Murrey level [7/8]), the price entered the negative zone of Murrey’s trading range and is currently trying to consolidate below level 45.31 (Murrey level [1/8]), after which the targets of further decline will be 43.75 (Murrey level [0/8]) and 42.19 (Murrey level [–1/8]). The key “bullish” level is the resistance zone 48.44–49.13 (Murrey level [3/8], the middle line of the Bollinger bands), the breakdown of which will let the price return to the upper border of the central channel of Murrey at 51.56 (Murrey level [5/8]) or the reversal level 53.12 (Murrey level [6/8]).

Technical indicators reflect the preservation of the downwards trend: Bollinger bands are directed downwards, the MACD increases in the negative zone, and Stochastic entered the oversold zone but is directed downwards.

Resistance levels: 49.13, 51.56, 53.12. | Support levels: 43.75, 42.19.

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