Astrazeneca PLC Forecast and Stock Analysis
Technical AZN stock analysis for February 15, 2019.
|Shorts||2.07% ( 2019-01-31 )|
Astrazeneca PLC gained 2.35% in the last trading day, rising from $39.98 to $40.92 , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. The price has risen in 7 of the last 10 days and is up by 11.65% over the past 2 weeks. Volume fell in the last day by -5.96 million shares, and in total, 6.38 million shares bought and sold for approximately $260.97 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.
Close price at the end of the last trading day (Friday, 15th Feb 2019) of the AZN stock was $40.92. This is 2.35% more than the trading day before Thursday, 14th Feb 2019.
During day the stock fluctuated 1.99% from a day low at $40.21 to a day high of $41.01.
30 day high of the AZN stock price was $41.01 and low was $35.30.
90 day high was $41.01 and low was $35.30.
52 week high for the Astrazeneca PLC - $41.78 and low - $32.69.
Astrazeneca PLC has broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction there will be support on the roof on the current trend broken, which is $37.42, a level that may pose a second chance to hit a runner. According to fan-theory $40.68 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.
Astrazeneca PLC holds buy signals from both short- and long-term moving averages. In addition, 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 $37.90 and $37.12. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday February 13, 2019, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.
* 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.
Relative Strength Index (RSI)
RSI14 is 86 and the stock is extremely overbought on RSI14, but may also ontinue to gain. Some stocks see their best performance while being overbought, but very seldom does RSI remain so high for a long time without short corrections. Risk has therefore increased and larger daily movements can be expected for the next couple of days.
Support & Resistance
Astrazeneca PLC finds support from accumulated volume at $39.98.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.80 (1.99%) between high and low. For the last week, the stock has had a daily average volatility of 1.76%.
The stock is extremely overbought on RSI14 (86). Normally this will pose a good selling opportunity, but since the stock has broken the trend up the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stoploss: $39.66 (-3.08%) (This stock has low daily movements and this gives low risk. The RSI14 is 86 and this increases the risk substantially. There is a buy signal from pivot bottom found 2 days ago.)
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Astrazeneca PLC holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development.