We last covered AstraZeneca (AZN) near the end of February, and we suggested going long: "The old saying that volume precedes price could be playing out on AZN as the OBV line has turned up, but the price of AZN is still below the declining 200-day moving average line. AZN may see more sideways price action around the $29 level, but it looks like a close above $30 and the 200-day average line is coming. I would trade AZN from the long side, risking below $27.50."
In the past four weeks, AZN has indeed closed above the 200-day moving average line and the slope of the average has turned positive (see the chart below). The 50-day average is still rising and the On-Balance-Volume (OBV) is still pointed up. The MACD oscillator is also bullish.
This daily chart of AZN, above, could see a crossing of the 50-day and 200-day moving averages in the next few weeks. A bullish golden cross would be another reason for technically oriented traders to go long.
In this updated weekly chart of AZN, above, we can see prices are above the rising 40-week moving average line. The weekly OBV line is positive and the MACD oscillator is moving above the zero line for an outright go-long signal.
In this updated Point and Figure chart, above, we can see prices are in an up column (X's) and a trade to $34 will be an important breakout.
Bottom line: Continue to trade AZN from the long side. Sell-stops could be raised to a close below $30 now.