After the entire stock market (yes, everything!) was hammered last week, it has been tough to find anything worth buying. (But as we know, it is all about waiting for a move to be confirmed, and it looks like Friday’s move is just about over.) Many charts look like Amgen, which you can see below.
Interestingly, this stock bolted higher on Monday with tremendous turnover, and it actually flipped over and out of the modest downtrend channel. Naturally, we’ll have to see if Amgen continues to move upward – it has the room it needs. Momentum is turning up and the MACD is about to cross over to a buy signal. Its last run up to new highs stalled out in July. This time around, the stock has enough power to blow through the old highs. Hitting above the 175 level would be extremely bullish for Amgen.
Amgen (Nasdaq:AMGN) Video Chart Analysis
Take a deeper dive into the chart action on Nasdaq:AMGN and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Amgen
Amgen Inc., a biotechnology company, engages in discovering, developing, manufacturing, and delivering human therapeutics worldwide. It offers products for the treatment of illness in the areas of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The companys principal products include Neulasta, a pegylated protein to decrease the incidence of infection associated with chemotherapy-induced febrile neutropenia in cancer patients; NEUPOGEN, a recombinant-methionyl human granulocyte colony-stimulating factor for reducing the incidence of infection for patients with non-myeloid malignancies; and Enbrel to treat rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis.
