AstraZeneca PLC ADR (AZN) is a global biopharmaceutical company headquartered in Cambridge, UK, and has recently joined the coveted Favored Green Zone on the SIA NASDAQ 100 Index Report, currently holding position #15. Having been relatively inactive during the technology-driven rally of recent years, AZN shares are now rising faster than the broader QQQ Trust Index. Examining performance metrics, AstraZeneca is up +6.56% compared to -9.52% last month, +23.16% versus +10.31% year-to-date (YTD), and +15.75% compared to +7.64% over the past three years. This impressive three-year performance has predominantly occurred in 2024, revealing a somewhat stealth rally, but is clearly captured by the SIA Relative Strength Matrix. This is visually represented in the SIA Matrix Position chart, which shows AstraZeneca’s recent entry into the Favored Green position. The weekly candlestick chart indicates that AstraZeneca's shares experienced mild performance during the post-Covid period from 2020 to mid-2024. The stock bounced off the trendline (black line) for the third time and used it as a springboard to break through resistance levels at $69 and $72. Currently trading at $81.20, AZN shows strong bullish momentum, with the $100 whole number level now in sight. Although volume has not been exceptionally high, the stock appears to be challenging the period of weekly downward volume with occasional daily pulses, suggesting a potential breakout. Purchases near the support level of $72 would enhance the risk-reward profile, with trend support at $63 and a 5-year support level at $60.
The point and figure (P&F) charts provide a more precise view of support and resistance levels. Our AI platform uses these P&F charts to generate the SMAX score, which for AstraZeneca stands at 10 out of 10, reflecting strong near-term performance relative to a range of asset classes. Support is identified with green lines at $73.39, $67.80, and trend support at $59.03. Resistance levels, based on a vertical count of the previous consolidation range, are now at $87.71 and $100.75, aligning with the key $100 level. Notably, the positive bullish percent for the Drug sector and a recent spread double top at $74.86 also contribute to the positive outlook. Overall, AstraZeneca PLC (AZN) appears to be in a bullish technical position based on recent performance and technical indicators. Investors should keep an eye on key support and resistance levels as the stock continues to lead on NASDAQ.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
