AstraZeneca is showing strong bullish momentum following a solid earnings report. On Tuesday, before the market opened, the company released better-than-expected earnings figures. This news provided the fuel for a technical breakout that's been building for months.
Looking at the weekly chart, we can see AstraZeneca trading inside a long-term symmetric triangle since 2022, marked with green trendlines. This formation narrowed steadily until earlier this year when, in April, we saw a false breakout to the downside. That move has now proven to be a classic bear trap.
Since April, AstraZeneca has been climbing steadily. This week's earnings have pushed the price above the upper boundary of the triangle, triggering a long-term buy signal. With the breakout confirmed, sentiment is clearly positive, and the next technical target is the 2024 highs.
As long as the price holds above the broken triangle resistance, the breakout remains valid and the bulls remain in control.