Current trend

Shares of Pfizer Inc., the largest American pharmaceutical company, are declining as part of a long-term downward trend: the price has moved into the negative part of the Murrey trading range and are testing 32.03 (Murrey level [1/8]), after consolidation below which, the negative dynamics may continue to the area of 31.25 (Murrey level [0/8]), 30.47 (Murrey level [–1/8]) and 29.69 (Murrey level [–2/8]). The key “bullish” level is 33.59 (Murrey level [3/8]), supported by the middle line of Bollinger Bands, the breakout of which allows the quotes to reach the area of 35.16 (Murrey level [5/8]) and 35.94 (Murrey level [6/8]).

Technical indicators reflect the continuation of the downward trend: Bollinger Bands are directed downwards, the MACD histogram is increasing in the negative zone, and Stochastic reversed horizontally near the oversold zone.

Support and resistance

Resistance levels: 33.59, 35.16, 35.94.

Support levels: 32.03, 31.25, 30.47, 29.69.

Trading tips

Short positions may be opened below 32.03 with the targets at 31.25, 30.47, 29.69, and stop loss 32.55. Implementation time: 5–7 days.

Long positions may be opened above 33.59 with the targets at 35.16, 35.94 and stop loss 33.00.