Pfizer Breaking Out?

Published on Tuesday, 12 April 2011 09:44 Written by TradersHuddle Staff

New York, April 12th (TradersHuddle.com) - Shares of Pfizer, Inc. (NYSE:PFE) closed the trading session at $20.67 just above calculated resistance at $20.38 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Pfizer Inc. (NYSE:PFE), the global pharmaceutical company that develops, manufactures, and markets medicines for humans and animals. The Company's products include prescription and non-prescription pharmaceuticals, and animal health products such as anti-infective medicines and vaccines. Some of Pfizer blockbuster drugs are Celebrex for arthritis pain, and inflammation and acute pain, Viagra for erectile dysfunction, and Lipitor for elevated cholesterol levels in the blood. The company was founded in 1849 and is headquartered in New York, NY.

Pfizer's stock was trading in a well defined range with support at $19.15 and resistance at $20.38, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Pfizer's stock is still near the broken resistance level, traders will be focusing on $20.38 to see if the stock holds the breakout without rolling over.