AZN runs into sellers again around 49.75
Astrazeneca PLC (AZN) Technical Analysis Report for Feb 13, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, AZN finished Thursday at 49.33 losing $0.25 (-0.5%), slightly underperforming the S&P 500 (-0.16%).
Daily Candlestick Chart (AZN as at Feb 13, 2020):
Thursday's trading range has been $0.97 (1.99%), that's far above the last trading month's daily average range of $0.57. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AZN.
One bullish candlestick pattern matches today's price action, the White Candle.
The market closed back below the 50-day moving average at 49.48 for the first time since February 4th. When this moving average was crossed below the last time on January 30th, AZN lost -0.79% on the following trading day. After having been unable to move above 49.80 in the prior session, Astrazeneca PLC ran into sellers again around the same price level today, missing to move higher than 49.75.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 49.98 where further buy stops might get triggered. With prices trading close to this year's low at 48.45, downside momentum could speed up should the stock break out to new lows for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Astrazeneca PLC. Out of 347 times, AZN closed lower 56.20% of the time on the next trading day after the market condition occurred.