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

By Shiri Gupta

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 $169.09 and $169.94 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.

There is potential upside of 7.8% for shares of Amgen Inc based on a current price of $169.21 and an average consensus analyst price target of $182.45. The stock should find initial support at its 200-day moving average (MA) of $154.90 and further support at its 50-day MA of $152.63.

In the past 52 weeks, shares of Amgen Inc have traded between a low of $84.77 and a high of $184.21 and are now at $169.21, which is 100% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.40% higher over the past week, respectively.

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.

SmarTrend is monitoring the recent change of momentum in Amgen Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Amgen Inc in search of a potential trend change.

Keywords: bearish inside day candle amgen inc

Ticker(s): AMGN