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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amgen Inc (NASDAQ:AMGN) based on the price action in the company's shares. Yesterday's price range of $238.20 and $239.70 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. Traders and investors interested in shares of Amgen Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Amgen Inc have traded between a low of $166.30 and a high of $244.99 and closed yesterday at $236.75, which is 42% 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 risen 0.2%.

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.

Amgen Inc (NASDAQ:AMGN) is currently priced 16.9% above its average consensus analyst price target of $196.70. The stock should find initial support at its 50-day moving average (MA) of $234.75 and further support at its 200-day MA of $200.27.

SmarTrend recommended that subscribers consider buying shares of Amgen Inc on October 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $203.07. Since that recommendation, shares of Amgen Inc have risen 17.0%. We continue to monitor AMGN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle amgen inc

Ticker(s): AMGN