Pfizer parks at pivotal resistance - Analysis - 02-11-2022

Pfizer's stock (PFE) returned higher in the intraday levels after beating profits and earnings forecasts for the third quarter and upgrading its outlook, with the stock rallying 3.14% in the last session, or 1.46 points, and settling at 48.01, with trading volumes surpassing 30.6 million shares, above 10-day averages of 25.5 million shares. 

Technically, the stock is bolstered by trading above the 50-day SMA, testing the important resistance of 48.35, while trading alongside the downward correctional short-term trend line, with negative signals from the RSI after reaching overbought levels.

Therefore we expect the stock to return lower, targeting the first support at 45.53, provided the resistance of 48.35 holds on.

Expected trend for today: Bearish