Why Is the Pfizer Share Price Retreating After Posting Record Highs?

The Pfizer share price hit new record highs on Tuesday after it emerged that India planned to acquire 50 million doses of the Pfizer coronavirus vaccine. This is according to a report by the Wall Street Journal. Last week, Pfizer had announced that it sold more than $8billion worth of the coronavirus vaccines in 3 months and had provided robust forward guidance on sales, which sent the Pfizer share price soaring. 

However, Wednesday has brought an intraday correction after the European Medicines Agency (EMA) said it was conducting a study to see if a skin condition and two kidney ailments seen in some vaccinated individuals were adverse reactions to the vaccines. 

The Pfizer share price declined by 3.90% on the news on Wednesday and is trading 3.96% lower in premarket trading on Thursday.

Pfizer Share Price Outlook

If the corrective move persists via an outside day candle that breaks down the support at 45.99. we could see a further push towards 44.06. 43.28 and 42.17 serve as additional targets to the south if the decline is extensive.

On the flip side, a bounce on the 45.99 support allows the price to push towards 48.57. If this level (Tuesday’s ATH) is taken out, additional targets come into the picture at 50.18 (161.8% Fibonacci extension) and potentially at 53.14.

Pfizer Share Price: Daily Chart

Follow Eno on Twitter.