The wave structures, eigenfrequencies and damping rates of toroidicity and ellipticity induced Alfven eigenmodes (TAEs, EAEs) of low toroidal mode numbers (n) are calculated for various axisymmetric ideal MHD equilibria with the global wave finite element code LION. The importance of the safety factor (q) and density (rho) profiles on the continuum damping rates is analysed. For realistic profiles, several continuum gaps exist in the plasma discharge. Frequency misalignment of these gaps yields continuum damping rates gamma/omega of the order of a few per cent. Finite poloidal beta lowers the TAE eigenfrequency. For beta values below the Troyon limit, the TAE enters the continuum and can thus be stabilized. Finite elongation allows the EAE to exist, but triangularity can have a stabilizing effect through coupling with the continuum. The localization of TAE and EAE eigenfunctions is found to increase with the shear and with n. Therefore, large shear, through enhanced Landau and collisional damping, is a stabilizing factor for TAEs and EAEs.