May 17 Chart of the Day - Pfizer

Pfizer (PFE) continues its meltdown through support levels in search of a bottom.  Technically speaking there are more potential support / bounce areas on the horizon.

The stock is down about 40% since December 2021 and down nearly 30% so far this year. 

$36.36 could provide a potential bounce area but if price wants to continue its free fall Pfizer may want to visit $30-33 zone.

Many traders and investors have been burned by trying to catch this falling knife while the short sellers have been reaping huge benefits and rewards.

We're not predicting a direction however we have identified levels of interest to watch and potentially trade in the coming days / weeks. 

You see, at the end of the day we are neither bulls or bears.  We're simply traders that continuously seek levels of interest to trade using price action technical analysis.

As with most trading days, today should provide ample opportunities for traders. 

Only time will tell for sure.

What do you think?  We'd like to hear from you in the comments sections.

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