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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 $162.69 and $163.52 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.

Potential upside of 14.0% exists for Amgen, based on a current level of $163.10 and analysts' average consensus price target of $185.86. Amgen shares have support at the 200-day moving average (MA) of $154.90 and additional support at the 50-day MA of $152.63.

In the past 52 weeks, shares of Amgen have traded between a low of $130.09 and a high of $184.21 and are now at $163.10, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

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.

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

Keywords: bullish inside day candle Amgen

Ticker(s): AMGN