PFE closes higher for the 2nd day in a row
Pfizer Inc. (PFE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PFE ended the month -14.38% lower at 32.70 after gaining $0.06 (0.18%) today, underperforming the Dow Indu. (0.85%). Trading up to $0.30 lower after the open, Pfizer managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 32.67, the market confirmed its breakout through the previous session high after trading up to $0.21 above it intraday.
Daily Candlestick Chart (PFE as at Jun 30, 2020):
Tuesday's trading range has been $0.65 (2.0%), that's slightly below the last trading month's daily average range of $0.76. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PFE.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Unable to break through the key technical resistance level at 32.88 (R1), the share closed below it after spiking up to 32.88 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on April 23rd, PFE actually gained 1.88% on the following trading day. After having been unable to move lower than 32.20 in the prior session, the stock found buyers again around the same price level today at 32.23.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to April's low at 31.53 we could see further downside momentum if potential sell stops at the level get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Pfizer. Out of 588 times, PFE closed higher 51.53% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.05% with an average market move of 0.57%.