Pfizer (NYSE:PFE) traded in a consolidative manner the last few days, staying slightly above the upside support line drawn from the low of Mar. 23. As long as the stock stays above that line, we would see decent chances for a rebound, but we would start examining such a case only if we see a break above the peak of Dec. 24, at 37.60.
As we already noted, a break above 37.60 may confirm a potential rebound in this stock, and may initially pave the way towards the inside swing low of Dec. 3, at 39.55. If investors are not willing to stop there, then the next barrier to consider as a resistance may be the 41.40 zone, marked by the highs of Nov. 9 and Dec. 2.
Another break, above 41.40, could pave the way towards the 43.20 hurdle, which is fractionally above the peak of Dec. 9, and is marked by the low of July 29, 2019.
Taking a look at our daily oscillators, we see that the RSI lies slightly below 50 but points up, while the MACD, although negative, has bottomed and moved back above its trigger line. Both indicators detect diminishing downside speed, which enhances the case for a potential rebound soon.
In order to start examining the case of larger declines, we would like to see a dip below 35.85, marked by the lows of Nov. 17 and 19. The price would already be below the aforementioned upside line, and we may thereby see declines towards the low of Oct. 29, at 34.60. If that level is not able to halt the slide, its break may set the stage for the 33.10 barrier, marked by the low of July 9, the break of which may carry extensions towards the low of June 26, at 31.60.