Sellers in Control - AstraZeneca | Tech-Corner

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Sellers in Control - AstraZeneca

Published on Friday, 03 February 2012 11:38 Written by Christian Paolinetti

azn New York, February 3rd (TradersHuddle.com) - Unusual high volume detected on shares of AstraZeneca PLC (NYSE:AZN), early in the trading session. AstraZeneca is currently trading lower by 2.82%, so definitely the sellers in control, as the stock's volume is already above average.

AstraZeneca PLC (NYSE:AZN), through its subsidiaries, researches, manufactures and sells pharmaceutical and medical products. The Group focuses its operations on seven therapeutic areas: Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous System, Pain Control, Anaesthesia and Infection.

AstraZeneca has already traded 2.375 times its 3-month average volume, and has calculated support and resistance at $42.38 and $49.00 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading higher by 1.3% from its previous trading close, which means that AstraZeneca stock is underperforming the overall market.

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