Interesting Technical Analysis finding for AMGEN INC (NASDAQ:AMGN)

A possible breakout setup was detected on AMGEN INC (NASDAQ:AMGN) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NASDAQ:AMGN.

Technical analysis of NASDAQ:AMGN

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall AMGN gets a technical rating of 9 out of 10. Both in the recent history as in the last year, AMGN has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that AMGN is one of the better performing stocks in the market, outperforming 70% of all stocks. We also observe that the gains produced by AMGN over the past year are nicely spread over this period.
• AMGN is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so AMGN is lagging the market slightly.
• In the last month AMGN has a been trading in the 319.00 - 339.00 range, which is quite wide. It is currently trading near the high of this range.
• AMGN is part of the Biotechnology industry. There are 573 other stocks in this industry, AMGN did better than 67% of them.

Check the latest full technical report of AMGN for a complete technical analysis.

How does the Setup look for NASDAQ:AMGN

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:AMGN exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

AMGN has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 335.96. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 330.48, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:AMGN?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.