Pfizer Limited (Weekly Chart): Descending Channel Within a Broader Range

🔍 Technical Analysis 1. Price Structure The chart shows a broad multi-year range with repeated reactions at upper and lower bands. Recent price action is corrective in nature, unfolding as a downward-sloping move after a prior rally. 2. Trendlines A clear descending channel defines the current phase, marked by lower highs and lower lows. The channel sits below a longer-term declining resistance line, reinforcing overhead supply. 3. Key Levels (Chart Observations) Major Resistance Zone: Prior swing highs near the upper range boundary continue to cap advances. Intermediate Pivot: A mid-range horizontal level has acted as a flip zone, alternating between support and resistance. Major Support Zone: Price is currently interacting with a long-term horizontal base that has held multiple times historically. 4. Momentum (RSI) Weekly RSI had moved into lower territory during the decline, reflecting sustained downside momentum. Recent RSI behavior shows a rebound from depressed levels while price remains near support, indicating momentum stabilisation. 5. RSI Structure Momentum has improved from earlier lows without reaching overbought conditions. RSI structure suggests recovery within a broader corrective context rather than impulsive strength. 6. Volume Behaviour Volume expanded during sharp declines and earlier rallies, while recent weeks show relatively muted participation. This points to reduced activity as price consolidates near a key structural level. 7. Overall Observation The stock is positioned at an important long-term support within a descending corrective channel. Price, momentum, and volume together reflect a consolidation phase following volatility, with the broader range still intact. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)