Shares of Pfizer Inc., the largest American pharmaceutical company, are correcting around 33.00.

On the daily chart, the price is moving within a global downward channel with dynamic boundaries of 34.50–29.00, reversing downwards.

On the four-hour chart, the downward potential can increase significantly if the quotes consolidate below the local low of 31.90, and then the main support level will be 29.00, after reaching which the movement is expected to continue to 25.00.

Technical indicators are holding a sell signal: fast EMA on the Alligator indicator are below the signal line, and the AO histogram is forming corrective bars below the transition level.

Trading tips

Short positions may be opened after the price declines and consolidates below 31.90 with the target at 29.00. Stop loss – 33.00. Implementation period: 7 days or more.

Long positions may be opened after a reversal, growth, and consolidation of the price above 34.00 with the target at 37.00. Stop loss – 33.00.