Chart Check: AstraZeneca Pharma gives breakout from 7-month consolidation phase; where is the stock headed?

Experts predict that AstraZeneca Pharma’s stock price may hit 4000 levels in the next month after breaking out from a 7-month-long consolidation phase on the weekly charts. The stock stayed within a range between 3110 and 3619 since November 2022, with the latter previously acting as a stiff resistance. Although the stock lost some steam after hitting a 52-week high of Rs 3670, it trades above most of the short-and long-term moving averages on the daily charts, presenting a positive sign for the bulls. In addition, the Relative Strength Index reading of around 68.7 suggests room for growth.