Swing Trade Idea (AZN) – October 11, 2022
Our bearish trade for Tuesday, October 11th is AstraZeneca PLC (AZN). AZN is part of the Health Care Sector, which has performed at -6.63% over the last month, with AZN underperforming relative to its sector, at -10.91% over the same period.
AZN had a sharp bounce higher towards the 21 Day EMA, where it found resistance, and is currently trading lower. The 1M and 6M trends are bearish and it has a Relative Strength of 4 (out of 10). This provides a good risk/reward bearish entry.
As a close, if AZN were to trade above $57 for multiple days, this would invalidate our analysis, and will consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves above $2.
