Pfizer tries to rebound - Analysis - 21-03-2017

Pfizer's stock (PFE) rose in the intraday levels, scoring a profit of 0.17% in the last session, or 0.06 points, amid ongoing positive support from the SMA for the last 50 days period, while relative power indicators reached extremely oversold levels compared to the stock's upward movement, as the later attempts to breach the important resistance of 34.50, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 37.39 to 29.83). 

Therefore we expect more gains to come for the stock, provided it pierces the resistance of 34.50, targeting thereafter the resistance of 35.61, which represents the ratio 76.4% of the same retracement levels mentioned earlier.