This Big Pharma Stock Is Nearing A Buy Level
InTheMoneyStocks.com | May 22, 2017 01:43PM ET
Traders and investors should note that Pfizer (NYSE:PFE) has been steadily declining since late February 2017. Back then, PFE was trading above $34 a share — today it's around $32. The pharmaceutical giant is now trading below the important 200- and 50-day moving averages, which puts it in a weak technical position on the daily chart.h3 Buy Levels/h3
Pfizer will have major chart support around $30, which is where the stock was defended in April and November 2016. Quite often, past breakout levels serve as major chart support when retested. The $30 level should be an area where PFE can be bought. Traders should look for a move back up to the $34 area. If you buy the stock, place a stop loss below $27.50, using a weekly chart close.
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