After mixed earnings, the Pfizer stock must receive key support - Chart

After mixed earnings, the Pfizer stock must receive key support - Chart ...

Get Pfizer Inc. Reportstock fell shortly after the open, but has flung to strong territory in midday Tuesday trading, up about 3%.

The increase follows the company''s announcement of earnings amid concerns about Covid vaccinations across the country.

Johnson & Johnson (JNJ) - Get Johnson & Johnson Reports told in an interview that it would postpone its vision for its Covid vaccination amid that uncertainty. However, this didnt hinder the stock from reaching all-time highs.

Pfizer was able to surpass analysts earnings and revenue expectations for the most recent quarter. Despite its full-year revenues forecast, it did not improve its earnings forecast.

Is it possible for Pfizer stock to hit all-time highs?

At least in the short term, it appears unlikely. Despite today''s modest rise, stocks are still down 20% from the all-time high.

Pfizer is still at its most basic levels.

Trading Pfizer Stock

Pfizer''s stock''s daily chart has created a chart.

Pfizer''s stock fell from its high in December to its low in late February. In fact, during that stretch, it recorded seven weekly declines in an eight-week period.

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Despite the positives, there are a few.

First, even if the 200-day moving average gets attention, the 50-week still matters. This measure has continued to serve as support so far. Its also holding uptrend support, which stretches all the way back to March 2021.

Third, while many stock markets continued to test new lows in March, April, andnow May, Pfizer has avoided breaking its February low thus far.

Lastly, its placing in a higherlow. While not monumental, it''s a key technical shift that shows bulls might be taking advantage of the game.

The downside from here is quite defined. We do not want a break of $47.10 to $47.90. This would put Pfizer''s stock below the previous three weeks of lows, as well as the 50-week moving average and uptrend support (blue line).

Then there''s a possibility that the doors down to the 2022 low are open. If below $45 and $40 is on deck.

The downside is less apparent. The stock is currently contained within the last weeks range and is trading below a few key moving averages.

Pfizer''s stock can climb upwards to $50.77 per week and reduce the 21-day, which is putting it above all of its daily moving averages.

Next, $55 to $56.50 might be in play. Above all, it opens the door back to the $60 to $62 area. After all, it starts with a clearing last week high.

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