The current charts for companies in some sectors seem to have some common characteristics (often associated with the world economics). However, pharma seems to be pretty diverse in terms of how different companies are doing but several companies seem to have a negative affect from the end of the covid pandemic. SRT3 recently got hit fairly hard when revenues dropped after the boost gained from covid faded. The companies that were involved in helping the world through the pandemic are now suffering as investors punish them for revenues reverting to more historic levels but this seems to ignore that some of these companies may have more cash to invest in future growth.
Pfizer has an earnings statement tomorrow so it is going to be interesting to see how that goes with the share price having dropped recently towards a SR level.
GSK spun off Haleon recently that obviously has a big impact on the share price (with investors getting shares in both GSK and Haleon). It’s interesting how the chart still draws reference to the pre-spin off chart. I have included two charts for GSK simply to show how the old SR level (white line) acted as the support level for the price and how the recent upper channel level (blue line) also links to old points. GSK goes ex dividend on the 18th May so I imagine that will influence the chart. The recent bounce of the channel’s upper SR line means that the indicators are negative at the moment but the earnings statement was above expectations.
I didn’t have time to include charts for other pharma.