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Fan Yang

Astrazeneca (AZN) Pulling Back After a Critical Breakout

About a month ago, I was discussing a major price bottom in Astrazeneca $AZN, and proposed anticipating a bullish 2018. So far in the year, price action finally showed a clear bullish breakout.

AZN Weekly Chart

(click to enlarge)

Rounded Bottom:
- The weekly chart shows AZN peaking in 2014 after it cracked $41 per share.
- After price fell to 25, we can see that a rounded bottom eventually formed.
- So far in 2018, the market showed it was bullish even at the critical resistance around $35.
- I think the breakout at least opens up the $41 high, with prospect of going higher due to prevailing bullish momentum in the long-term. 
- At this point, only a break below 32 would invalidate the bullish outlook and call for a reassessment.