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After Yesterday's Rally of 1.52% Shares Could Potentially Pullback

By James Quinn

Amgen (NASDAQ:AMGN) traded in a range yesterday that spanned from a low of $157.00 to a high of $159.21. Yesterday, the shares gained 1.5%, which took the trading range above the 3-day high of $156.77 on volume of 1.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Amgen has traded in a range of $130.09 to $184.21 and is now at $158.74, 22% 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 its subscribers protect gains by selling shares of Amgen on March 22nd, 2017 by issuing a Downtrend alert when the shares were trading at $167.29. Since that call, shares of Amgen have fallen 6.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Amgen

Ticker(s): AMGN