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The stock of Astrazeneca Pharma, which was fluctuating in a range between ₹3,275 and ₹3,700 for the past two months, broke out on Friday. It marked a fresh life-time high of ₹3,934 before moderating to ₹3,869. Nevertheless, the breakout has increased the possibility of the scrip establishing another leg of an uptrend.
The stock declined in March from around ₹2,900 to mark the then six-month low of ₹1,885, losing about 35 per cent. But as the broader market started recovering in early April, the stock was quick to follow, reversing the trend. The rally continued since then and in the month of June, the bulls lost momentum and the stock entered a consolidation phase.
However, the breakout that occurred last week is an indication of the bull regaining its mojo. Following the uptick in price, the moving average convergence divergence indicator in the daily chart is showing fresh signs of positive momentum and the daily relative strength index, which also made a fresh peak like the stock, is hinting at a substantial bullishness. Also, the stock has closed in the green for two weeks in a row — another indication of increased upside momentum.
On the back of the above mentioned bullish evidences, traders can initiate fresh long positions in the stock with stop-loss at ₹3,760. While the stock will most likely reach ₹4,000, a breakout of this level can push up the price towards ₹4,100.