Leading pharmaceutical stock, Pfizer inc (PFE), has been pulling back since late July 2020. At that time, the pharma giant traded as high as $39.42 a share. Today, Pfizer stock is trading at $35.88 a share. Pfizer Inc has received a lot of press recently due to its potential coronavirus vaccine that is in development with BioNTech SE ADR (BNTX). The vaccine is expected to get FDA approval sometime later this year.
Traders should note that Pfizer shares have recently declined below the important 50 and 200-day moving averages. This now puts the stock in a weak technical position on the charts. Traders should now watch the $33.70 level for daily chart support in the near term. This support area is where the stock has a major daily chart gap fill from July 10th, 2020. Very often, gap fills will serve as excellent support when initially tested. I will be looking to buy Pfizer stock around this key support level.
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