This pharmaceutical stock zoomed over 10% post quarterly earnings!

Buzzing stock

by 5paisa Research Team Last Updated: 2022-05-27T12:24:04+05:30

The shares of AstraZeneca have zoomed over 10% after it posted good quarterly numbers for Q4FY22.  

AstraZeneca posted a growth of 2% in net profits while net revenue was up 10.3%. Moreover, the board has finalised a dividend of Rs 8 per share for the financial year 2021-22. With good quarterly numbers, the investors are cheered, and the stock has become the top gainer in Nifty 500 universe.  

On the monthly timeframe, it is in a strong downtrend, having lost about 41% since its all-time high. However, the stock has formed a basing pattern and is trading higher. With today’s surge, the stock has tested its 200-DMA level and currently trades near it. Since its previous swing low of Rs 2445.70, the stock has gained about 20% and is above all the short term moving averages. It is also trading near its prior swing high and recorded heavy volumes today.  

As per the technical indicators, the stock’s strength has improved significantly. The 14-period daily RSI (65.49) has entered the bullish territory and points upwards. The MACD has given a bullish crossover a few days back and continues to show strong momentum. The On Balance Volume has risen significantly and points towards strong strength from volume’s perspective. The Elder Impulse system has signalled a strong bullish candle while the TSI and KST indicators also maintain buy status.  

Keeping in mind its long term downtrend, the stock needs to take out the crucial resistance level of Rs 3000 and sustain above it. This shall make the medium-term outlook as bullish and one may start accumulating this stock. In the short run, the stock is extremely bullish, and it is expected to produce several trading opportunities in the near term as per the technical analysis. Thus, traders can consider including this stock in their watchlist to track further development in the stock. 

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