AstraZeneca marginally eclipsed its prior cycle highs through the 72.00 level before pulling back to suggest a potential weekly double top pattern, however, I would highlight the lack of momentum divergence at this point, which suggests to me that the current retreat is corrective. On the four-hour time frame, we can clearly see an interim 5-wave sequence has been completed, I am now looking for a corrective cycle to unfold that ultimately tests and hold the yearly pivot point at the 64.00 area, from hear I will be looking for bullish reversal patterns to re-engage long exposure to target are retest and break of the prior cycle highs through 72.00 to challenge the weekly projected trend channel support towards the 76.00 level. A loss of the yearly pivot support on a daily closing basis would suggest a deeper correction is likely to unfold opening a test of the weekly high-volume node and projected trend channel support at the 55/56.00 area.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.