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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amgen (NASDAQ:AMGN) based on the price action in the company's shares. Today's price range of $139.09 and $139.77 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. Traders and investors interested in shares of Amgen may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Amgen Inc. discovers, develops, manufactures, and markets human therapeutics based on cellular and molecular biology. The Company focuses its research on secreted protein and small molecule therapeutics, with particular emphasis on neuroscience and cancer. Amgen concentrates on the areas of hematology, cancer, infectious disease, endocrinology, neurobiology, and inflammation.

There is potential upside of 33.6% for shares of Amgen based on a current price of $139.38 and an average consensus analyst price target of $186.21. The stock should run into initial resistance at its 50-day moving average (MA) of $152.63 and subsequent resistance at its 200-day MA of $154.90.

Over the past year, Amgen has traded in a range of $130.09 to $181.81 and is now at $139.38, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Amgen on September 29th, 2016 by issuing a Downtrend alert when the shares were trading at $167.86. Since that call, shares of Amgen have fallen 17.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Amgen

Ticker(s): AMGN