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

By James Quinn

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 $236.00 and $236.98 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, Amgen Inc share prices have been bracketed by a low of $166.30 and a high of $244.99 and closed yesterday at $239.22, 44% above that low price. The 200-day and 50-day moving averages have moved 0.59% higher and 0.60% higher over the past week, respectively.

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) defies analysts with a current price ($239.22) 17.8% above its average consensus price target of $196.70. The stock should find initial support at its 200-day moving average (MA) of $213.20 and further support at its 50-day MA of $212.48.

SmarTrend is tracking the current trend status for Amgen Inc and will alert subscribers who have AMGN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle amgen inc

Ticker(s): AMGN