Stock Traders Daily says PFE has more room to fall

December 01, 2023, 10:35 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Stock Traders Daily offered a note to clients interested in Pfizer (NYSE: PFE) today.  It suggested that the stock still has more room to fall, and there are no buy signals for PFE on a long term basis.

 

Longer Term Trading Plans for PFE

• Buy PFE slightly over 27.48 target 29.91 stop loss @ 27.4 Details

The technical summary data tells us to buy PFE near 27.48 with an upside target of 29.91. This data also tells us to set a stop loss @ 27.4 to protect against excessive loss in case the stock begins to move against the trade. 27.48 is the first level of support below 29.015 , and by rule, any test of support is a buy signal. In this case, support 27.48 would be being tested, so a buy signal would exist.

• Short PFE slightly under 29.91, target 27.48, stop loss @ 30 Details

The technical summary data is suggesting a short of PFE as it gets near 29.91 with a downside target of 27.48. We should have a stop loss in place at 30though. 29.91 is the first level of resistance above 29.015, and by rule, any test of resistance is a short signal. In this case, if resistance 29.91 is being tested, so a short signal would exist.

Swing Trading Plans for PFE

• Buy PFE slightly over 30.01, target 30.67, Stop Loss @ 29.92 Details

If 30.01 begins to break higher, the technical summary data tells us to buy PFE just slightly over 30.01, with an upside target of 30.67. The data also tells us to set a stop loss @ 29.92 in case the stock turns against the trade. 30.01 is the first level of resistance above 29.015, and by rule, any break above resistance is a buy signal. In this case, 30.01, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short PFE slightly near 30.01, target 27.48, Stop Loss @ 30.1. Details

The technical summary data is suggesting a short of PFE if it tests 30.01 with a downside target of 27.48. We should have a stop loss in place at 30.1 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 30.01, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for PFE

• Buy PFE slightly over 30.01, target 30.35, Stop Loss @ 29.94 Details

If 30.01 begins to break higher, the technical summary data tells us to buy PFE just slightly over 30.01, with an upside target of 30.35. The data also tells us to set a stop loss @ 29.94 in case the stock turns against the trade. 30.01 is the first level of resistance above 29.015, and by rule, any break above resistance is a buy signal. In this case, 30.01, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short PFE slightly near 30.01, target 27.48, Stop Loss @ 30.08. Details

The technical summary data is suggesting a short of PFE if it tests 30.01 with a downside target of 27.48. We should have a stop loss in place at 30.08 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 30.01, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

PFE Ratings for December 01:

Term →	Near	Mid	Long
Rating	Neutral	Neutral	Weak
P1	0	0	27.48
P2	29.78	30.01	29.91
P3	30.35	30.67	32.55

Support and Resistance Plot Chart for PFE

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