Pfizer (PFE) Sells Off as Drug Trial Halted – Where’s The Buy Zone?

Steve Miller
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Pfizer NYSE: PFE Weekly Chart

On Friday, Pfizer (PFE) announced they had halted a Phase 3 breast cancer drug trial as the results were unlikely to meet their primary endpoint.

Today, PFE is down over 8% midway through the U.S. trading session.

Let’s review the weekly cycle analysis.

At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

askSlim Technical Briefing:

The weekly cycle analysis suggests that PFE is in a declining phase in an overall bullish cycle pattern.

The next projected intermediate-term low is due in July. Weekly momentum is now negative.

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On the upside, there is a Fibonacci resistance confluence zone from 37.17 – 38.17

On the downside, there are Fibonacci support zones from 34.89 – 32.21. For the bears to regain control of the intermediate-term, we would need to see a weekly close below 30.31

askSlim Sum of the Evidence:

PFE is in a declining phase in an overall positive pattern. We see a likelihood that the stock trades down to 34 by July. However, this pullback will likely set the stage for another rally into the fall.

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