Recent weakness in Pfizer (PFE) looks interesting.
In fact, after dropping from about $55 to $44.71, it’s now wildly oversold on RSI, MACD, and Williams’ %R. From here, we believe PFE could test $48 resistance again shortly.
Helping, the US FDA is considering an annual COVID-19 vaccine booster, which would provide a long stream of revenues for companies, like Pfizer. In fact, ahead of a meeting set for tomorrow, “The agency appears to be aiming to make Covid-19 vaccination efforts resemble established influenza vaccination efforts—without the complexities that have bedeviled the Covid-19 vaccination campaigns since the advent of the boosters.” A green light from the US FDA could pull PFE well off its lows.