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Possible Bullish Inside Day Candle Pattern Detected for AstraZeneca (NYSE:AZN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in AstraZeneca (NYSE:AZN) based on the price action in the company's shares. Today's price range of $32.47 and $32.75 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of AstraZeneca may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

AstraZeneca PLC is a holding company. Through its subsidiaries, the Group researches, manufactures and sells pharmaceutical and medical products. The Group focuses its operations on seven therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia and Infection.

AstraZeneca (NYSE:AZN) has potential upside of 31.5% based on a current price of $32.74 and analysts' consensus price target of $43.05. The stock should discover initial support at its 200-day moving average (MA) of $32.02 and subsequent support at its 50-day MA of $29.04.

In the past 52 weeks, shares of AstraZeneca have traded between a low of $26.97 and a high of $70.67 and are now at $32.74, which is 21% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.4% while the 50-day MA has declined 0.2%.

SmarTrend is tracking the current trend status for AstraZeneca and will alert subscribers who have AZN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle AstraZeneca

Ticker(s): AZN