Pfizer receives positive support - Analysis - 03-06-2022

Pfizer's stock (PFE) rose in the last session after leaning on the 50-day SMA, lending it positive momentum that helped it bounce 0.59% higher, or 31 cents, and settle at 52.68, with trading volumes surpassing 22 million shares, below 10-day averages of 27.6 million shares, amid the dominance of the main upward medium-term trend, with the stock attempts to vent off overbought saturation in the RSI. 

The Biden administration announced that kids below 5 years old could get the company's vaccine in early June with the company asking for license to administer three-dose vaccines to kids. 

Therefore we expect more gains for the stock, targeting the first resistance of 55.70, provided the support of 50.50 holds on.

Expected trend for today: Bullish