When we look at the Pfizer (NYSE:PFE) chart, we can see it was trading in a channel between support of $52.3 and resistance of $54 for the past week, with no notable moves with the sole exception of the retraction during yesterday’s session, falling from the $53 and reaching as low as $50 but rebounding at the close.
Pfizer had scheduled a quarterly earnings announcement yesterday, where they reported higher than expected EPS but missed by 320 million their revenue forecast, which caused the drop at $50.
It was last found trading at $51.67 with the closest overhead resistance of $52 and the closest support level at $50. Today we can expect a move towards $52 resistance, climbing back at the $53.5 range.
If, however, it doesn’t manage to hold on to the current level, then a move towards and below the $50 support can be expected.
