AstraZeneca: Key support at 7766p

AstraZeneca reported: "Positive high-level results from an interim analysis of clinical trials of AZD1222 in the UK and Brazil showed the vaccine was highly effective in preventing COVID-19".

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AstraZeneca, the global biopharmaceutical company, reported: "Positive high-level results from an interim analysis of clinical trials of AZD1222 in the UK and Brazil showed the vaccine was highly effective in preventing COVID-19, the primary endpoint, and no hospitalisations or severe cases of the disease were reported in participants receiving the vaccine."

From a chartist point of view, the stock price remains in consolidation mode. A key support base has formed at 7766p. In addition, a counterattack line pattern took shape on the 20th of November.  The daily RSI (14) has landed on a support around 30% and is reversing up. The 50DMA started to flatten out. As long as 7766 is support, a rebound is expected towards the upper end of the consolidation range at 8848p.  Caution: a break below 7766p would call for a reversal down trend towards 7121 (gap).  

Source: GAIN Capital, TradingView


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