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- AstraZeneca is scheduled to announce its Q3 report on November 9.
- AZN stock closed at $63.96, with a loss of 0.34% in the past intraday session.
- AZN stock price showed a hike of 4.28% after forming an annual low at $61.73.
AstraZeneca (NASDAQ: AZN) stock price reflected bullish sentiment last week, which resulted in a hike of roughly 4.28%. This triggered positive sentiment in the market, and stock price analysis manifested further price growth in the upcoming session.
On October 17, 2023, a mass gathering of buyers occurred, and the trading reached the yearly high of 23.06 Million. The sudden involvement of bulls elevated the price by about 11% within a day. However, the movement did not sustain, and the AZN stock price fell back into a prolonged downtrend.
However, if the bullish rally remains constant and the price breaks above the $64.90 mark, it could retest the support level of $65.80 or it may surge higher. On the other hand, if the bears take over and the price breaks below the annual low of $61.73, it could lead to a deeper correction in price or form a new annual low near $60.50.
On November 3, 2023, the AstraZeneca (AZN) stock price dropped 0.34%, with the high and low at $64.31 and $63.47, respectively. The price is currently following the bullish rally, with no bearish intervention observed as the price is constantly moving upwards.
Will AstraZeneca Meet the Q3 Consensus Estimates?
The British-Swedish multinational pharmaceutical company is scheduled to announce its third quarter report on November 9, 2023. Hence, the market participants are eagerly waiting for this quarterly report.
The new development and positive sales record suggest the company will meet the consensus estimates. The Zacks Consensus Estimate projected AstraZeneca’s sales to amount to $11.49 billion for the third quarter.
AstraZeneca is expected to post earnings of $0.79 per share for the 3rd quarter, representing a year-over-year change of -6%. Over the last 30 days, the Zacks Consensus Estimate has changed +3.9% due to an increase in the participation of buyers.
Will Bullish Rally Sustain?
The AZN stock price is currently hovering below the 20, 50, 100, and 200-day EMAs. This indicates a prolonged downtrend in the price and a strong bearish sentiment in the market. The relative strength index (RSI) is also trending beneath the 50-neutral zone. This suggests that bears have a stronghold of the price.
Conclusion
The market structure and price action of AZN stock express a rise in the participation of buyers. However, the technical parameters suggest that the bears still have control over the price.
Technical Levels
Major resistance: $76.50 and $71.40
Major support: $63.90 and $61.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
