AstraZeneca shares in tentative rebound

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By :  ,  Financial Analyst

AstraZeneca shares in tentative rebound

AstraZeneca, the pharmaceutical group, reported that its COVID-19 vaccine has been approved for emergency supply in the U.K. and vaccinations may begin early in the New Year.

From a chartist’s point of view, the stock price is holding above a key support at 7121p and is rebounding from the lower end of a bearish channel. The daily RSI has landed on a key support around 30% and is reversing up. A technical rebound could be on the cards. A break above 7880p (upper channel boundary) would validate a bullish signal with 8140p and 8848p as targets. Alternatively, a break below 7121p would negate the bullish view and would call for a slump towards 6315p and 5871p (congestion zone).

Source: GAIN Capital, TradingView

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