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01/03/00 Pfizer Inc (PFE)
Points to watch:
Since hitting a 52-week low of 31.5 last
June, Pfizer has made 4 attempts to rally, all of which have ended in
failure. The stock has once again fallen back to the lower end of
its trading range and a retest of last year's lows appears likely.
The stock closed Friday at 32.44, just
above the support at 32.19 that stopped declines twice in August 1999 and
again on December 14th. Additional support exists at 31.5, the 1999
low.
Long and short term indicators have
confirmed the stock's recent drop in price. Daily MACD gave a sell
signal on November 10th, and weekly OBV, RSI, and stochastics are falling.
A sell short signal would be given if
Pfizer fails to hold last year's lows. After a move below the lows
at 31.5, the next downside supports are at 28.75 (the 10/8/98 low), 26.7,
24.8, and 24 (the 1998 low). Upside resistance is at 34.6 and 36.7. |
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