AZN Forms A Tight Base
Astrazeneca, AZN, is forming a very tight base with the potential for a low risk entry in the coming days. There are a few things I really like about this stock. From June 2021 until December 2021, it reported accelerating earnings and sales. In addition, its’ most recent quarter saw AZN deliver triple-digit earnings growth, which is something I always like this see. Furthermore, it has a healthy return on equity of over 25%. It is also a stock in the medical group, which has been one of the leading groups of 2022.
The chart of AZN is what intrigues me the most. After a shakeout below the 200-day line in June, AZN has rallied and is now holding above its’ 200, 50, and 20-day moving averages. Moreover, Astrazeneca has held up well relative to the market over the past 6 months as the Nasdaq and S&P 500 both traded far below their 200-day lines. The tight action after the accumulation day on August 12 is another positive indicator. I will be looking to buy AZN should it clear recent resistance. I will have a stop loss in place to limit my risk.
Risk right. Sit tight.
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