AstraZenecca – Bullish trend is still intact
Nicolas Suiffet May 21, 2020 9:24 AM
AstraZeneca, the biopharmaceutical company, said that “the Company has concluded the first agreements for at least 400 million doses and has secured total manufacturing capacity for one billion doses so far and will begin first deliveries in September 2020"
AstraZeneca, the biopharmaceutical company, said that “the Company has concluded the first agreements for at least 400 million doses and has secured total manufacturing capacity for one billion doses so far and will begin first deliveries in September 2020. AstraZeneca today received support of more than $1bn from the US Biomedical Advanced Research and Development Authority (BARDA) for the development, production and delivery of the vaccine, starting in the fall."
AstraZeneca recalls joining forces with the British government to support the Oxford University vaccine. It is also working with international organizations, including the WHO, to distribute the vaccine worldwide.
From a chartist’s point of view, the stock price remains within a short term bullish channel, supported by the 20-day simple moving average currently at 8,550p. Bollinger bands confirm the bullish trend. However, the Relative Strength Index (RSI, 14) has broken down its overbought area at 70% indicating that a consolidation move could be on the cards. First support threshold is set at 8,522p (Horizontal level + Channel lower boundary).
As long as 8,048 is support, readers may want to take advantage of any pullback as an opportunity to open long positions with 9,000p and 9,600p as targets.
Alternatively, a break below 8,048 would call for a reversal down trend towards 7,300p.
Souce: GAIN Capital, TradingView
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.