Trading Idea: - Is Pfizer close to Resistance?

New York, May 9th (TradersHuddle.com) - Shares of Pfizer, Inc. (NYSE:PFE) are trading very close to calculated resistance at $23.30. The stock ended the trading session at just $22.42, which is near levels that make it difficult to buy or start a position.

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 range is defined by its calculated support defined at $20.80 and by the resistance level at $23.30; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Pfizer. However, as the stock pulls back towards $20.80 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $23.30 then traders will get an opportunity to enter the stock as it moves to a higher range.

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