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