Shares of Pfizer Inc., the largest American pharmaceutical company, are correcting at 30.60.

On the daily chart, the price is holding below the resistance line of the ascending channel with dynamic boundaries of 31.80–28.20, approaching it.

On the four-hour chart, the quotes have broken the high of July 21 at 30.00. After a breakout of the range’s resistance level of 31.70, they can reach 34.00. If the asset consolidates below the recently passed high of 30.00, a reversal and decrease may follow.

Technical indicators support and hold the buy signal: fast EMA on the Alligator indicator is again above the signal line, and the AO histogram forms ascending bars above the transition level.

Trading tips

Long positions may be opened after the price grows and consolidates above 31.10, with the target at 33.80. Stop loss — 30.30. Implementation period: 7 days or more.

Short positions may be opened after the price declines and consolidates below 30.10, with the target at 28.20. Stop loss — 31.00.