Shares of Pfizer Inc. (NYSE:PFE) and Advanced Micro Devices, Inc. (NASDAQ:AMD) have gone parabolic. This means they have broken out and made huge gains in just a few days.
But in doing so, they have become overbought. There will probably be some short-term profit-taking soon.
If they do trend lower, there are two important levels to watch. These levels were each resistance.
In financial markets, levels that were previously resistance can convert into support and it could happen here. If it does, it could put an end to the downtrends.
For Pfizer, the important level is $42.50. It was resistance in December.
Levels around $96 were resistance for AMD in December and January. They may become support.
