AstraZeneca’s Lynparza gets approval – Bullish bias above 8048p

AstraZeneca, the pharmaceutical group, said its Lynparza has been approved in the U.S. as 1st-line maintenance treatment with bevacizumab for HRD-positive advanced ovarian cancer.

Uptrend 2

AstraZeneca, the pharmaceutical group, said its Lynparza has been approved in the U.S. as 1st-line maintenance treatment with bevacizumab for HRD-positive advanced ovarian cancer. Meanwhile, it reported that its Enhertu has been granted Breakthrough Therapy Designation (BTD) in the US for the treatment of patients with HER2-positive metastatic gastric cancer.


From a technical perspective, the stock price remains in a bullish trend, within an ascending channel since March 2020 bottom. Both the 20/50-day simple moving averages are heading upwards. However, the daily Relative Strength Index (RSI, 14) has broken down its overbought area at 70%. This may indicate that a consolidation move is on the cards.

As long as 8048p is support, the bias remains bullish.  Next resistance levels are set at 9000p and then 9600p. 

Only a break below 8048p would invalidate the short term bullish bias and would call for a drop towards 7300p.

Source: GAIN Capital, TradingView


More from Equities

Related Articles

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.