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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. Yesterday's price range of $184.83 and $186.57 is within the prior day'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.

In the past 52 weeks, Amgen Inc share prices have been bracketed by a low of $166.30 and a high of $210.19 and closed yesterday at $184.83, 11% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.5%.

There is potential upside of 6.4% for shares of Amgen Inc based on a current price of $184.83 and an average consensus analyst price target of $196.70. The stock should find resistance at its 200-day moving average (MA) of $189.79, as well as support at its 50-day MA of $176.41.

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 am inside day candle amgen inc

Ticker(s): AMGN