Pfizer (PFE) – Pfizer Inc. Report Received stocks hit a record high of $51.86 on Aug. 18, and it’s gone downhill ever since.
Pretty literally, actually.
The day Pfizer hit that high, the stock reversed and closed down 2.2% during the session. That was the start of three consecutive declines.
On the fourth day, Pfizer’s stock rose, but then reversed. In the process it put a lower high, with a top value of $51.36.
Since then, the stock has fallen in 11 of the past 14 sessions. With the stock flat so far Tuesday, it could be 12 out of the past 15 sessions.
That’s even so Moderna (MRNA) – Report from Moderna, Inc. to pick up continues to burst upwards and threatens to reach $500 or higher.
It’s also because the vaccines could be approved for children in the coming weeks. That’s along with the possibility of Pfizer getting its vaccine approved for booster injection.
Is the recent rut an opportunity?
Trading Pfizer Stocks
Pfizer did not act like Moderna. Is it because Moderna’s vaccine makes more antibodies? Or is it because Pfizer is a much bigger company and the vaccine moves the needle less (and thus more for Moderna)?
Probably the latter, but when it comes to the graphics, the technical aspects are more important. Right now, Moderna is in a bullish trend and Pfizer is pulling back.
If Pfizer closes lower today, it will mark the stock’s seventh consecutive decline. But we are also at an important point on the charts.
After an “ABC” correction, Pfizer stock plunges into the 10-day and 50-day moving averages, as well as the daily VWAP measure.
Furthermore, this week’s low is very close to the 161.8% downward extension of the current correction.
Should the stock bounce, I want Pfizer to clear $45.42, then the 10-day moving average. That could put $47.50 plus in the game, provided Pfizer can also clear the 21-day moving average.
If no support comes into play or if Pfizer can only muster a small relief rally, we could see further downside in the $42 to $43 area.
The USD 43 level has been a key breakout zone for Pfizer as the 21 week moving average and downward extension of 261.8% both come into play near USD 42.