Pfizer Inc. (NYSE: PFE) shares are trading higher Wednesday after an Israeli health care provider said a third dose of the vaccine was found to be 86% effective in those aged over 60 years old.

Pfizer was up 1.9% at $51.40 at publication time. The stock is up nearly 30% over the past month.

See Also: FDA Approves Pfizer's Tick-Borne Encephalitis Vaccine

Pfizer Daily Chart Analysis

  • The stock recently broke above a level that previously held as resistance and has since been flying higher, moving almost parabolically.

  • The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment in the stock has been bullish.

  • Each of these moving averages may hold as an area of support.

  • The $43 price level acted as resistance in the past multiple times as the stock struggled to cross above it. Now the stock may find support near this level.

  • The Relative Strength Index (RSI) has been sitting in the overbought area for a time and now sits at 80. This shows there have been many more buyers pushing into the stock.


What’s Next For Pfizer?

Bullish traders want to see the stock continue to move higher. The stock has been flying and possibly could need a period to cool down in the future. Bulls then want to see the stock consolidate and hold some of its gains.

Bearish traders would like to see the stock stop pushing higher and start to cool off and fall. Bearish traders would eventually like to see the stock fall below the $43 level again and hold this mark as resistance.

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