Pfizer dips in volatile session - Analysis - 11-08-2017

Pfizer's stock (PFE) fell in the intraday levels, recording a modest loss of 0.09% in the last session, or 0.03 points, and ending a session marked with volatility, as the stock attempts to pierce the important resistance of 33.61, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 37.39 to 29.83), amid positive support from the 50-day SMA.

Therefore we expect the stock to return higher, provided it pierces the resistance of 33.61, targeting the next one at 34.50, which represents the ratio 61.8%f of the same retracement levels.