In this week’s analysis: a company dating back to 1913!
Aksjeanalyser.com looks at the giant AstraZeneca PLC
The company is listed on Nasdaq Stockholm, (ticker AZN).
AstraZeneca. has a market capitalization of around USD 275 billion at the current share price.
About the company AstraZeneca PLC
AstraZeneca Plc. is a holding company engaged in the research, development, manufacture and commercialization of prescription pharmaceuticals. The company’s history dates back to the year 1913 when the Astra business was formed. AstraZeneca was founded in 1999 through the merger of Astra AB and Zeneca Group PLC. The company is headquartered in Cambridge, UK.
For more information about the company, visit their website here.
Technical Analysis of AstraZeneca PLC
(ticker AZN)
The AstraZeneca stock has triggered several positive technical signals recently. The stock has broken out of a medium-term falling trend and has also broken above both the 50-day and 200-day moving averages.
Furthermore, the 50-day moving average has broken above the 200-day moving average (the so-called‘Golden Cross signal’).
This confirms that both the short-term and long-term trends for the share are now positive.
The share has also broken above an important technical resistance level around SEK 1,600, providing further technical signals for future positive developments.
The BEST model in Vikingen is also in a buy signal for the AstraZeneca stock (ticker AZN). This popular and effective technical analysis model was developed by Peter Östevik. He finalized the BEST model around 2019, and after 30 years of experience in technical analysis and Vikingen Financial Software.
AstraZeneca’s stock price is moving within a long-term rising trend (cf. the weekly chart above), and now a further rise is signaled for the share within this long-term rising trend.
According to the long-term rising trend, a potential is indicated for the AstraZeneca share to reach the SEK 2,500 level on a 12-month horizon.
Based on this overall positive technical picture for the stock, Aksjeanalyser.com considers AstraZeneca an interesting buy candidate at the current price level. What could change the currently positive technical picture that the stock is showing is if it were to fall below the 50-day and 200-day moving averages.
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