Market News & Analysis

Top Story

AstraZeneca’s Lynparza gets approval – Bullish bias above 8048p

AstraZeneca, the pharmaceutical group, said its Lynparza has been approved in the U.S. as 1st-line maintenance treatment with bevacizumab for HRD-positive advanced ovarian cancer. Meanwhile, it reported that its Enhertu has been granted Breakthrough Therapy Designation (BTD) in the US for the treatment of patients with HER2-positive metastatic gastric cancer.

From a technical perspective, the stock price remains in a bullish trend, within an ascending channel since March 2020 bottom. Both the 20/50-day simple moving averages are heading upwards. However, the daily Relative Strength Index (RSI, 14) has broken down its overbought area at 70%. This may indicate that a consolidation move is on the cards.

As long as 8048p is support, the bias remains bullish.  Next resistance levels are set at 9000p and then 9600p. 

Only a break below 8048p would invalidate the short term bullish bias and would call for a drop towards 7300p.

Source: GAIN Capital, TradingView

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.