Pfizer shares pickup breaths - analysis 01-07-2016

PFIZER shares ended Thursday trades higher by (0.20 point) or (0.57%) of the previous closure that push the price ahead 33.95 support, where the price traded below the channel’s bottom line reaching the support level 33.95 that coincided with the SMA 100 to push the price up again trading within the bullish channel range above 43.65 level, comes after it rose during the previous short trades reaching 34.65 resistance level after facing the channel’s support with the SMA 50, as the price was able to adjust the rising flag pattern to a bullish channel after holding above 33.05 resistance.

The price rose previously to remain adjacent to the channel’s resistance, then to fall with the start of this week trades retesting the support level 34.65, then the share increased its decline to retest the channel’s support with retesting the SMA 100.

The stability of the support level 33.95 was supported by the SMA 100, which push the price to rebound passing the resistance 34.65, to trade back within the channel’s range.

It is expected that the price returns back the positive trades, which remains as long as trading within the channel’s range to target then 35.50 then 36.00 resistances.