ASTRAZEN
AZN (ASTRAZENECA) (Y20.P4.E1).TA on short termHi All,
Astreznenca is one of the hopeful leading pharma to bring about a vaccine for this covid virus.
Rumors or articles suggested that this company would likely be successful in doing so amongst a few attempting it.
Big money is at play.
In the past week, we have news that the vaccine did not pass certain tests which explains the sell off and a 6 month delay in trials.
OBSERVATIONS:
> Upward channel with a top off spurt spike and a sell off, potentially of the news of the delays;
It could also be a deviation from the main channel which is over extended so pulling back to the mean, average range;
> Weekly MACD cross over the Signal, bearish indication;
> Many of the big tech companies are having a sell off on their shares as US dollar looking to go up in the short term.;
> I have previous ATH as potential support on this correction wave;
> Has confluence with the 21 Weekly EMA and fib level retracement as per chart below;
> RSI still above the 50% range on the weekly and hence still bullish and trend intact.
THOUGHTS:
Likely to drop to the bottom of the channel to mid range of the channel in the short term> $50
with a nice bounce as we have additionally the 50 EMA and previous resistance at the 0.5 fib level.
I'm still thinking it will test the bottom of the channel even 2 deviation of the channel represented by the blue dashed lines.
What ever the news it is, its worth considering because if they are successful, their shares will skyrocket.
Please give me a tick or like for this post.
Regards,
S.SAri
Weekly chart;
MONTHLY chart: Upward trend intact and likely another bounce of the monthly macd off the signal trace. or the support line
Science Backed by Data[AstraZeneca Series]: Target 3949Good Evening Friends,
AstraZeneca is in very long term uptrend(24 months). It has breaken out today after consolidating for past few 3-4 weeks. Breakout has been on very health volumes almost 4.5 times average volumes(331K vs 78K average volume)
RSI is in uptrend and looks promising.
Buy Closer to 3576 levels
Support Levels
2939 (below this trend may get invalidated on short term)
3302
3451
3520
3565
Target
1st Target 3949 ,
2nd target 4188
Pls support with likes on the idea.
