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.
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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