Pfizer Reports Today
US pharmaceuticals giant Pfizer is in the spotlight today. The company reports 2021 Q4 earnings and traders will be keen to take advantage of any volatility around the release. Pfizer shares have been trading lower over recent months, correcting from all-time highs above the $61 level, printed in December, to current lows around $53. The decline has been framed by a well-defined bear channel which, while price remains above the long term bullish trend line, can be viewed as a corrective bull flag structure, suggesting room for a channel break and continuation higher. Will today’s earnings release provide the catalyst for such a move or will we see the sell-off deepen?
On the numbers front, the market is looking for earnings per share of $0.85 on revenues of $24.157 billion. This would mark a decline on the prior quarter’s $1.42 EPS but a slight uptick in revenues. Any beat on these forecasts should see Pfizer higher over the rest of the week.
Technical Views
PFE
The bounce off the 50.36 level in Pfizer is potentially setting the stage for a breakout of the corrective bear channel and a return to upside, in line with the longer term trend. Look for a break of 55.15 targeting 57.05 initially, and each of the levels marked thereafter. To the downside, the key support level to note is the 50.36 level.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.