Market News & Analysis
AstraZeneca’s Lynparza gets approval – Bullish bias above 8048p
Nicolas Suiffet May 11, 2020 5:25 PM
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
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