Pfizer long-term movement after a deep correction - risky paper

Hi,

I looked at Pfizer's chart and it looks like this deep correction won't stop until the $30 zone. The fact that side effects have developed worldwide due to the Covid vaccine and many people have filed lawsuits against pharmaceutical companies probably also plays a role in this deep decline.

There is a lot of money in the pharmaceutical industry, so I think that the companies will have plenty of money to cover possible legal costs. And since in several countries they have signed papers that they request the vaccination on their own responsibility, the exclusion of liability will be justified in many cases.

The $30 zone seems like a perfect turning point because I see it as a strong level. If the $30 zone holds, we will most likely look at the $40 zone, which also coincides with an important Fibonacci level.

Do not forget. This does not constitute investment advice. Do your own research before entering a position.

Regards

In extreme cases, the $27 level is also possible.

Comment:

It seems that the price is on the right track towards a strong support level, which is at the height of $30. This level is a meeting of an important moving average, an important Fibonacci level and a strong technical support on the monthly view. From here, if we achieve this, I expect a turnaround. And we can go up. If you are a long-term investor, I would definitely wait a few days to see how the exchange rate behaves around the $30 level. It is worth waiting until we see a clear sign that the price has found support.

Before opening a position, please do your own research. My idea does not constitute investment advice.

Comment:

We are approaching the defined zone from which we can expect to turn. But be careful, because even though the ~$30 zone is quite a strong support level, it is very likely that we can go down to ~$27. So if you're thinking long term, be patient.

My opinion is that we may have a candle on the monthly chart that will bottom at $27, but the candle will close at the support level around $30 in the near future.

If you want to invest in this great company for several years, you can get the company's papers at a very good price between $27 and $30.

Trade active:

Well, if you look at the monthly chart, you can see that we went down to $29.70 last month. However, the candle was able to close above $30. There are many things supporting the exchange rate here. Moving averages, Fibonacci levels, and the nice round $30 psychological level.

I already own Pfizer shares as a long-term investment. I don't panic even if the exchange rate corrects deeper in the short term. But at the moment, in my opinion, we have found support here.

Do not forget. I am not an investment advisor. I don't write this in all my comments. But it is important to note that everything I post here reflects my own opinion and shows my own trading plan. I am not encouraging anyone to follow me on this exciting journey.