Shares are now down 58% from all-time highs and down 11% YTD

Pfizer shares are now down almost 60% from their all-time highs and down 11% YTD. Its shares are trading at around $25.70 a share in the pre-market session and so far there are no signs of a pause in selling. Perhaps the upcoming earnings may change this bearish trend of the company. We can see new support now lies at $25.21, which is last week’s low following the sell-off after the failed attempt to move above the trendline resistance. A break above the trendline, where resistance currently reads $26.30, could spark a push toward the next area of resistance which is $28-$28.50. The current price level is now at 2013 levels, a break below the support of $25.21 would certainly increase the possibility of a further slide toward $23-$24. The technical indicators remain on the negative side of the spectrum, even though the MACD is above its signal line, it is still some distance away from the 0-line. The RSI is also negative as it reads 35.