This is AstraZeneca’s route to an all-time high

The share price of this ‘political football’ company is showing some interesting potential.

AstraZeneca Plc  

We reviewed AstraZeneca (LSE:AZN) in February, speculating on a bottom of 6,776p, something the share price achieved and crucially, did not close a session below.

Now it’s worth taking another glance at this share, as the price is starting to show some interesting potentials. The bigger question the folks at AstraZeneca must be asking themselves is why they bothered?

AstraZeneca must sometimes wish it had never toyed with the idea of doing something good.

The company appears to be used as a political football by various governments, surely straining the patience of senior management quite unfairly. Most of them will be in their positions to ‘do business, not do politics’.

Any research into headline scare stories has tended to reveal the biggest issues with their vaccine came from politicians attempting to portray themselves as competent.

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Last time around we'd a suspicion this share price was about to experience some reversals, but this time we're no longer comfortable this is the case. This week has seen the share price exceed the blue downtrend since July 2020, giving considerable hope some gains may finally be coming.

Near term, above 7,408 looks capable of triggering slight gains to an initial 7,662p. If bettered, our longer-term secondary calculates at 8,150p.

At such a level, our software demands the price actually close above 8,150p to give a ‘game changing’ impression, dumping the share in territory where there's a reasonable expectation a long-term cycle target of 10,800p and a new all-time high is possible.

For everything to go horribly wrong, the share price needs to trade below 6,700p, risking commencing a drop cycle toward 5,439p.

Source: Trends and Targets. Past performance is not a guide to future performance

Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.

Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.