Business

Will Pfizer Stock Break Out or Turn Down?


Shares of pharmaceutical giant Pfizer (PFE) to be last review on October 31, where we wrote that “These four charts and PFE indicators leave me with a mixed assessment. Given the overall bull market average this month, the improvement in the charts of A PFE may offer more benefits than a brand new purchase.I don’t have any knowledge of what the PFE will tell shareholders on Tuesday, so I’ll stand aside. in this moment.”

As things go, prices continue to move higher and have reached a position where they are poised to either break through the June/July highs or reverse and drop. Please check the charts again.

In this updated daily bar chart of PFE, below, we can see that the price has been increasing since the beginning of October. The price is currently trading above the rising 50-day moving average and above the 200-day bottom line.

The On-Balance-Volume (OBV) line is trending up in tandem and the Moving Average Convergence Divergence (MACD) oscillator is bullish.

In this weekly Japanese candlestick chart by PFE, below, we can see a chart with some better technical signals. Price has closed above the 40-week moving average that is making a bottom. The weekly OBV line has improved over the past two months. The MACD Oscillator has crossed above, giving a short sell signal.

In this daily Point and Figure chart, below, we can see that the price has reached the price target in the $48 area.

In this weekly PFE Point and Figure chart, below, we can see a potential price target of $65.

Final strategy: PFE’s charts and indicators are mixed and show some upside potential but I have a bearish outlook for the overall market average in the first quarter of 2023. If that’s true, I do not expect the PFE to exhibit independent price strength.

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