Amgen, Inc. (NASDAQ: AMGN)

Amgen Inc., a biotechnology medicines company, discovers, develops, manufactures, and markets human therapeutics based on advances in cellular and molecular biology for grievous illnesses primarily in the United States, Europe, and Canada. Its principal products include Neulasta and NEUPOGEN to stimulate the production of neutrophils, which is type of white blood cell that helps the body fight infections; Enbrel, an inhibitor of tumor necrosis factor that plays a role in the body’s response to inflammatory diseases; and Aranesp and EPOGEN erythropoiesis-stimulating agents, which stimulate the production of red blood cells. The company also markets other products comprising Sensipar/Mimpara, a small molecule calcimimetic that lowers serum calcium levels; Vectibix, a monoclonal antibody that binds specifically to the epidermal growth factor receptor; and Nplate, a thrombopoietin (TPO) receptor agonist that mimics endogenous TPO, the primary driver of platelet production, as well as offers Prolia and XGEVA denosumab, which are human monoclonal antibodies that specifically targets RANKL, an essential regulator of osteoclasts. In addition, it provides product candidates in mid- to late-stage development in various therapeutic areas, such as oncology, hematology, inflammation, bone health, nephrology, cardiovascular, and general medicine, which includes neuroscience.

To review Amgen’s stock, please take a look at the 1-year chart of AMGN (Amgen, Inc.) below with my added notations:

1-year chart of AMGN (Amgen, Inc.)

AMGN has been trading mostly sideways over the last (5) months while stalling at a clear $90 resistance level (navy). A break through this level would be a 52-week high and should mean higher prices overall for the stock. As you can see from the chart above, AMGN did exactly that earlier this week.

The Tale of the Tape: AMGN has broken out through its $90 resistance level. A long trade could be made on a pullback down to that level. A break back below $90 would negate the forecast for a move higher.

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Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT