Biotech stocks were hammered mercilessly to end the third quarter, and since then, some have come off their lows and moved sharply higher – Amgen being among that group. The name has been performing nicely on very strong volume over the past few weeks.
Amgen Stock Chart (Nasdaq: AMGN)
We currently have a buy signal from the MACD following a strong move above the trend line on heavy turnover. This indicates institutional sponsorship (aka, a lot of buying).
You’ll see on the chart that we are headed towards resistance at the 200 ma, but that’s not necessarily a concrete ceiling. Amgen just cleared the 50 ma, which is a bullish move. Volume trends are also positive, so perhaps we’ll see a modest pullback followed by a move right back up toward all time highs.
Amgen Video Chart Analysis
Take a deeper dive into the chart action (Nasdaq: AMGN) and learn how to read the technicals and my analysis as Bob Lang marks up our chart of the week.
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Amgen Inc., a biotechnology company, discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses for the treatment of illness in the areas of oncology, hematology, inflammation, bone health, nephrology, cardiovascular, and general medicine. 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 as manifested by febrile neutropenia for patients with non-myeloid malignancies; and Enbrel to treat rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis in adult patients. Its principal products also comprise EPOGEN for the treatment of dialysis; Aranesp for treating anemia; XGEVA for the prevention of skeletal-related events; Prolia to treat postmenopausal women with osteoporosis; and Sensipar/Mimpara products for use in the treatment of secondary hyperparathyroidism in chronic kidney disease patients on dialysis