If we look at the AstraZeneca (NASDAQ:AZN) weekly chart, we can see it bouncing from £9,250 its support level twice this week, steadily building up momentum and moving towards £9,500. Its last traded price was £9,433 with overhead resistance at £9,500.
AstraZeneca had scheduled a third-quarter earnings announcement on Nov. 12. If earning expectations are surpassed, we expect the price to move towards the £9,500 price range.
If however, it doesn’t manage to hold above the current price range of £9,433 then the stock could head below the £9,250 support level.