On Friday before the opening we'll get earnings numbers from AstraZeneca (AZN) , a drugmaker that's gotten lost in the war against Covid. Let's see how the charts are shaping up ahead of the numbers.
In the daily bar chart of AZN, below, we can see that prices have worked higher since early March. AZN is trading above the rising 50-day moving average line and the rising 200-day line.
The On-Balance-Volume (OBV) line shows an uptrend from late December and that confirms and supports the price advance this year. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in bullish territory but has narrowed in recent days -- this needs to be watched.
In the weekly Japanese candlestick chart of AZN, below, we see a positive-looking picture. Prices are in a longer-term uptrend above the rising 40-week moving average line.
The weekly OBV line is rising and that is bullish and the MACD oscillator is bullish too.
In this daily Point and Figure chart of AZN, below, we can see a potential upside price target in the $72 area.
In this weekly Point and Figure chart of AZN, below, we can see a longer-term price target in the $132 area.
Bottom-line strategy: I have no special knowledge of what AZN could report on Friday but traders could approach the long side of AZN at current levels risking to $59. The $72 area is our nearest price objective.
