Amgen: have a break?Amgen is a good performer the latest weeks. We see that indicators (Elliot Wave Oscillator, not given in this chart) give us positive and negative signs. First of all the power of the bounce becomes weaker. On the other hand there still is a gap and Amgen is trying to fill this. If Amgen breaks the declining blue line, the power of the uptrend increases. Above the 180 dollar level, the next target is attacking the 194. But first, let's see where the bulls arrive... I'm in at a price of 160 dollar
AMGN trade ideas
Where Do Investors Buy? $AMGN Crushed On Drug Data And CostShares of Amgen, Inc. (NASDAQ:AMGN) took a thumping today after they announced slightly better data on a cholesterol drug, compared to its peers already on the market. The problem is, the drug costs $15,000 a year and insurance companies will likely not cover the drug because it is only slightly better than what is on the market. The stock dropped over 6% and many investors rushed to buy it. That is a mistake. The stock will continue to trend lower until it hits $160.00, a major support gap fill level. The reasoning is simple. First, investors should never buy a gap lower on negative news from a stock at all-time highs. There will be more trimming of positions in the hedge fund industry and possibly analysts downgrading the stock. In addion, there is no major technical support that is strong enough to justify a buy level. The $160.00 level is major. Buy it there.