AstraZeneca shares in tentative rebound

AstraZeneca, the pharmaceutical giant, posted 3Q core EPS fell 4% on year to 0.94 dollar on revenue of 6.58 billion dollars, up 3% (+3% at constant exchange rate), above expectations.

Uptrend 2

AstraZeneca, the pharmaceutical giant, posted 3Q core EPS fell 4% on year to 0.94 dollar on revenue of 6.58 billion dollars, up 3% (+3% at constant exchange rate), above expectations. The company said "total Revenue is expected to increase by a high single-digit to a low double-digit percentage and Core EPS is expected to increase by a mid- to high-teens percentage". 

The U.K. drug agency has begun evaluating the future vaccine developed by AstraZeneca and Oxford University. AstraZeneca is expected to publish the results of much-anticipated advanced clinical trials in the coming weeks

From a chartist point of view, the stock price is reversing up thanks to the upside breakout of a former downward-sloping channel. The bullish gap opened yesterday above the 50DMA is a positive signal. In addition, the daily RSI (14) has broken above a key declining trend line. Readers may want to consider the potential for opening Long positions above the support at 7963p with 8848p and 9650p as targets. Only a break below 7963p would invalidate the bullish bias.

Source: GAIN Capital, TradingView

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