AZN - BEARISH SCENARIO
AstraZeneca's stock experienced a significant decline of over 4% on Monday due to uncertainties surrounding the future of CEO Pascal Soriot, as reported in the news. Initially, the company refrained from commenting on the report but later clarified that they do not engage in discussions regarding market rumors. Their shares, listed as NASDAQ: AZN, closed down 3.2%, marking the lowest point since July 19. Market analysts and a shareholder attributed this decline to the report, which indicated the possibility of Soriot leaving as soon as next year. Additionally, another article published on the same day discussed the retirement of Mene Pangalos, the long-time head of biopharmaceuticals research at AstraZeneca, although it appeared to present a contradictory view, quoting Pangalos as stating that Soriot had many productive years ahead of him.
This supports potential competition of head and shoulder formation to the mid-50s range.
This supports potential competition of head and shoulder formation to the mid-50s range.
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