Bullish Formation for Amgen

My longer-term work on Amgen (AMGN) argues very strongly that the massive coil formation that has been carved out since the March 2008 low at 39.16 is morphing into a major base-like pattern that has the set-up and the potential to propel the stock to test its multi-year resistance at 65.00-66.50, possibly on the way to 70.00 thereafter.

As long as last week's low at 54.77 remains intact, my current very bullish scenario is my preferred outlook. Key near-term resistance resides at the Dec rally peak of 57.98, which if (when) hurdled will trigger strong buy signals that AMGN is starting to fulfill its technical upside potential.


  Matched
x
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!