• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Amgen Inc (NASDAQ:AMGN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amgen Inc (NASDAQ:AMGN) based on the price action in the company's shares. Today's price range of $189.05 and $190.22 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Amgen Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Amgen Inc (NASDAQ:AMGN) has potential upside of 3.4% based on a current price of $189.67 and analysts' consensus price target of $196.19. The stock should discover initial support at its 200-day moving average (MA) of $154.90 and subsequent support at its 50-day MA of $152.63.

Over the past year, Amgen Inc has traded in a range of $84.77 to $201.23 and is now at $189.67, 124% above that low. The 200-day and 50-day moving averages have moved 0.1% lower and 0.40% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Amgen Inc on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $182.45. Since that recommendation, shares of Amgen Inc have risen 4.3%. We continue to monitor AMGN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle amgen inc

Ticker(s): AMGN