Pfizer retests the support then rise - analysis 26-08-2016

PFIZER shares ended Thursday trades lower by (-0.05 point) or (-0.14%) of the previous closure falling from 35.50 resistance that coincided with the channel’s support coinciding with the SMA 100 in addition to the support level 34.65 falling from the resistance level 37.35 which pushed down the price to reach the current support level 35.50 coinciding with SMA 100, comes after the price traded below the channel’s bottom line reaching the support level 33.95 that coincided then with the SMA 100 to push the price up again trading within the bullish channel range .

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

Generally; the stability of the current supports represented in 35.50 level with the channel’s support and the SMA 100 keeps the bullish main direction active targeting the resistances 36.00 and 36.45, but holding below the channel’s support with holding below 35.50 level will clear the way for a bearish movement that will target 34.65 then 33.95 supports.