Pfizer Crushes Earnings, But Will The Stock Rally?

Pfizer Inc. PFE reported second-quarter earnings of $1.07 per share, which was better than the estimates of 98 cents. The company also raised full-year guidance to $3.95 to $4.05. This is significantly higher than the previous guidance of $3.55 to $3.65.

Despite this, shares aren’t moving higher. They may have hit a wall of resistance around the $42.50 level. This level was also resistance in December.

See Also: Pfizer Q2 Results Beat Wall Street Expectations; Expects $33B From COVID-19 Vax Sales In 2021

If Pfizer can trade above it over the next few days, it will show that the sellers who created the resistance have left the market. This could set the stage for a rapid move higher.

But if this resistance doesn’t break, the stock may go into a downtrend like it did the last time it reached this important level.

See also: How to Buy Pfizer (PFE) Stock