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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.

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