Pfizer falls after facing the bullish channel resistance - analysis - 06/05/2016

PFIZER shares was able to close Higher by the end Thursday trades by (0.17) point or about (0.51%), as the price was able to adjust the rising flag pattern which indicate an upcoming bullish movement to a bullish channel after holding above 33.05 resistance, comes after achieving the previous expected target for passing the top board for a bearish channel the price was able to form during the past medium and long periods, and the bearish bat harmonic pattern, as 30.90 level represents the (B) point for this pattern and the point (C) represented by 28.75 support level, as the price succeeded to pass 30.90 resistance and the resistance level 32.15 that represents the channels’ target, then 33.05  that represents the (D) point for the pattern, which coincided with 61.8% correction level for the decline from 36.04 to 28.26.

The continuous of the previous rising requires the stability above the 33.05 resistance, which will lead the price to target higher resistances.