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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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Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.

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