Stock market: Pfizer has problems

Stock market: Pfizer has problems

Trade ideas

SELL 41.20; TP1 40.70; TP2 40.35; SL 41.35

Pfizer continues the downtrend since the end of the last year. Last week the stock experienced a heavy selloff. This week it tried to recover but met the resistance of the 200-day MA at 42.00.

A double top pattern with the neckline in the 41.50 area can be seen on H1. It allows bears to pull the price to 40.70 and even 40.35 (March low). The longer-term target lies around 39.30 (January low). Only the advance above 42.00 will give bulls a chance to push the price to 42.85 (100-day MA).    

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