Close to the 50 Day Moving Average: Pfizer

Published on Friday, 15 June 2012 08:12 Written by TradersHuddle Wire

New York, June 15th (TradersHuddle.com) - Pfizer, Inc. (NYSE:PFE) closed the trading day at $22.56, near its 50 day moving average that is set at $22.32. Pfizer's price action is just above this important support level, providing a trading opportunity.

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.

The peaks and troughs algorithm shows calculated support at $21.95 and calculated resistance at $23.30. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Pfizer should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.