Multiple reasons to like this trade:
1. AZN is in a downtrend, broken by a 3 month move above 200sma.
2. Prices are below the 200sma and have broken previous lows.
3. Good RSI weakness corresponds to the move lower.
4. AZN is a weak stock in the IBB sector.
- Prices reached a bottom on the daily chart and are now making a 2 leg move to a target of $29.30.
- Prices will then be within the Raghee Horner 34EMA Wave and the wave is still in a downtrend.
- Based upon a option Delta of 0.575, Buy Puts @ $3.8 and run down to $27.50 level for first profit stop.
Good Hunting!