Astrazeneca PLC Stock Forecast

Green day on Wednesday for Astrazeneca PLC
(Updated on Apr 24, 2024)

AZN Signals & Forecast

Mostly positive signals in the chart today. The Astrazeneca PLC stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $69.41 and $67.57. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, February 13, 2024, and so far it has risen 16.66%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Wednesday, March 06, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Astrazeneca PLC stock

On the downside, the stock finds support just below today's level from accumulated volume at $63.52 and $62.26. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Astrazeneca PLC finds support just below today's level at $63.52. If this is broken, then the next support from accumulated volume will be at $62.26 and $61.66.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.785 between high and low, or 1.11%. For the last week the stock has had daily average volatility of 1.15%.

The Astrazeneca PLC stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $68.74 (-3.46%) (This stock has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 49 days ago.)

Trading Expectations (AZN) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Astrazeneca PLC to open at $71.12, and during the day (based on 14 day Average True Range), to move between $70.20 and $72.20, which gives a possible trading interval of +/-$1.00 (+/-1.40%) up or down from last closing price. If Astrazeneca PLC takes out the full calculated possible swing range there will be an estimated 2.81% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $63.52, some $7.68 (10.79%) from the current price of $71.20, our system finds the risk reward attractive.

Is Astrazeneca PLC stock A Buy?

Astrazeneca PLC holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 7.908 Strong Buy Candidate Unchanged

Predicted Opening Price for Astrazeneca PLC of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.