Pfizer Pulls Back After a Quick Bounce

2022년 3월 23일

Pfizer has bounced in March after two negative months, and now it’s having a quick pullback.

The first pattern on today’s chart is the 50-day simple moving average (SMA), which PFE recently crossed above. Other times the pharmaceutical giant moved over (or under) this SMA were followed by continuation higher (or lower). For example, last September, November and January.

Second is the $51.80 area, a high in August and near a pivot low in December. It was also the location of a high-volume gap on February 8. PFE is less than $1 above the level now. Will buyers defend it?

Third, the eight-day exponential moving average (EMA) has risen above the 21-day EMA. That pattern identified intermediate-term trend changes at other times like September and late October. (See the white arrows.)

Finally, MACD is rising.

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