Pfizer shares experience a negative closure at its lowest levels - analysis 21-10-2016

PFIZER shares ended Thursday trades lower by (-0.06 point) or (-0.18 %) of the previous closure after the price was able to trade and hold below 32.70 level that represents the final target for the broken bullish channel shown above.

The price started current decline from 37.35 resistance level that coincided then with the top board of the mentioned channel, to resume the negative decline that reached the current levels, supported by the negative pressure provided by the SMAs 50 and 100 despite the oversold shown by the stochastic indicator.

Generally; the stability below 33.05 level increases the negative pressure on the price, which expected to reach 32.15 resistance level during the upcoming trades, but turning back the bullish moves requires the stability above 33.05 level in order to target the next resistance level at 33.95.