Amgen Could Be Toppy
Sometimes in a bear market a handful of stocks remain closer to their highs before rolling over. Amgen (AMGN) could face such a condition.
The main pattern on today’s chart are the candlesticks of July 8, 11 and 12. The drugmaker attempted to push above $249 but each time closed below that level. Also notice how this price area roughly matches the closing price before the high-volume bearish gap on April 28.
The result could be a lower high. This may indicate sellers are back in control, especially with a potential double top near $258.
Next, stochastics are dipping from an overbought condition.
Finally you have the 50-day simple moving average (SMA), which AMGN held on Thursday. A break under this level could make traders expect a retest of the recent lows below $230.
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The main pattern on today’s chart are the candlesticks of July 8, 11 and 12. The drugmaker attempted to push above $249 but each time closed below that level. Also notice how this price area roughly matches the closing price before the high-volume bearish gap on April 28.
The result could be a lower high. This may indicate sellers are back in control, especially with a potential double top near $258.
Next, stochastics are dipping from an overbought condition.
Finally you have the 50-day simple moving average (SMA), which AMGN held on Thursday. A break under this level could make traders expect a retest of the recent lows below $230.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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