AZN.L finds buyers at key support level
AstraZeneca (AZN.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AZN.L ended the week 5.79% higher at 5502.00 after gaining £68.00 (1.25%) today on high volume. Today's closing price of 5502.00 marks the highest close since June 22, 2017. Trading up to £21.00 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 5470.00, the market confirms its breakout through the previous session's high having traded £66.00 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AZN.L as at Jul 13, 2018):
Friday's trading range was £57.00 (1.04%), that's slightly below last trading month's daily average range of £67.35. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average.
After trading as low as 5479.00 during the day, AstraZeneca bounced off the key support level at 5490.00. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.