AZN.L closes higher for the 2nd day in a row

AstraZeneca (AZN.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


AZN.L rallies 1.66% closing £89.00 higher
AZN.L dominated by bulls lifting the market higher throughout the day
AZN.L pushes through 20-day moving average
AZN.L finds buyers at key support level
AZN.L closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, AZN.L ended Thursday at 5448.00 surging £89.00 (1.66%). This is the biggest single day gain in over three weeks. Today's closing price of 5448.00 marks the highest close since May 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 5384.00, AstraZeneca confirms its breakout through the previous session's high having traded £84.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (AZN.L as at Jun 14, 2018):

Daily technical analysis candlestick chart for AstraZeneca (AZN.L) as at Jun 14, 2018

Thursday's trading range was £167.00 (3.14%), that's far above last trading month's daily average range of £78.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

After trading as low as 5301.00 during the day, the market bounced off the key support level at 5315.00. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5502.00.

Although the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share managed to break above the 20-day moving average at 5397.15 today for the first time since April 17th.

With prices trading close to this year's high at 5523.00, upside momentum could accelerate should AZN.L be able to break out to new highs for the year.

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