Investing.com investing.com 07 Jan, 2021 16:15 am

Chart Of The Day: What's The Deal With Bearish AstraZeneca Technicals?

Chart Of The Day:  What's The Deal With Bearish AstraZeneca Technicals?
Stocks Analysis by Investing.com (Pinchas Cohen/Investing.com) covering: Pfizer Inc, Alexion Pharmaceuticals Inc, AstraZeneca PLC ADR, Moderna Inc. Read Investing.com (Pinchas Cohen/Investing.com)'s latest article on Investing.com

p Yesterday, the stock formed a shooting star at the very top of a bearish flag, near the top of a falling channel, after the 50 DMA crossed below the 200 DMA, triggering a death cross.AZN Weekly Chart powered by TradingView Taking a longer view we note that this triple resistance of the shooting star, flag top and falling channel top—after the death cross—occurs at the very same level of the neckline of a large H&S top since May 2018, with the added resistance of the 50-week MA.While the 50 WMA provides resistance, the 100 WMA is support, and the 200 WMA will support the long-term uptrend line.The H&S top’s implied target is $14, bringing it face-to-face with the long-term uptrend line since the 2016 low.

Stocks have been hitting record after record because of the vaccines, so shouldn’t a vaccine maker be lifted as well?However, it should be noted that while we're bullish on Pfizer (NYSE: PFE ) as well as Moderna (NASDAQ: MRNA ), maker of the other vaccine currently in global distribution, we're bearish on AstraZeneca, but not because of its vaccine's potential.

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