Astrazeneca PLC Stock Forecast

Stronger technical forecast for Astrazeneca PLC stock price after Wednesday trading.
(Updated on Apr 17, 2024)

AZN Signals & Forecast

The Astrazeneca PLC stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $68.63. On a fall, the stock will find some support from the long-term average at approximately $66.85. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -1.32%. Further fall is indicated until a new bottom pivot has been found. 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 $0.595 between high and low, or 0.87%. For the last week the stock has had daily average volatility of 1.35%.

Our recommended stop-loss: $65.87 (-3.88%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 4 days ago.)

Trading Expectations (AZN) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Astrazeneca PLC to open at $68.51, and during the day (based on 14 day Average True Range), to move between $67.53 and $69.53, which gives a possible trading interval of +/-$1.00 (+/-1.46%) up or down from last closing price. If Astrazeneca PLC takes out the full calculated possible swing range there will be an estimated 2.92% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $68.73 (0.29%) than the support at $63.52 (7.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Astrazeneca PLC stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Astrazeneca PLC stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.671 Buy Candidate Upgraded

Predicted Opening Price for Astrazeneca PLC of Thursday, April 18, 2024

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