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Zak Mir on FTSE 100 Drugs Giants: Shire, Glaxo, Astra

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By Zak Mir.

FTSE 100 Drugs Giants: Shire, Glaxo, Astra

Apparently the acquisition by Shire Pharma of  ViroPharma of the U.S. for $4.2bn was not cheap, but still shares of the UK group have shot ahead. This deal also puts in fellow FTSE 100 pharmaceutical Glaxo and Astra into play, if only on the basis that of late they have tended to be relatively lacklustre.

Shire Pharma (SHP): 

  • Extremely positive looking bull flag set up over recent weeks suggests a new initial leg higher of as much as £4 a share.
  • Upside scenario applies while there is no end of day close back below 10 day moving average at 2,802p.
  • Ideally a 2-3 month journey to the top of January 2013 price channel at £35. 

GlaxoSmithkline (GSK): 

  • Extended bear trap rebound from below rising 200 day moving average in October.
  • Bull flag in place at 1,670p zone July resistance line.
  • Above July resistance line targets as high as April resistance line projection at 1,900p. 

AstraZeneca (AZN): 

  • Likely run up to 50 day / 200 day moving average golden cross buy signal later this month.
  • Bull flag above 20 day moving average at 3,247p.
  • Target towards June price channel top at 3,450p. 

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