Amgen Poised for Continued Upside

2 thg 2

## Amgen Poised for Continued Upside

Amgen Inc. (AMGN) appears poised for continued upside based on technical indicators. The current price of $324.56 is above the 50-day and 200-day simple moving averages, indicating an upward trend.

Key technical indicators also suggest further upside:

- Relative Strength Index (RSI) of 66 indicates AMGN is not overbought and has room to run
- Moving Average Convergence Divergence (MACD) line recently crossed above the signal line in a bullish sign
- Bollinger Bands widening suggests building upside momentum

I am initiating a buy on AMGN with an entry point of $330.95. This allows some room above the current price for confirmation of the uptrend. Profit targets are set at $340.79, while a stop loss of $321.36 limits downside risk.

The positive technical outlook combined with strong fundamentals makes AMGN a compelling buy at current levels for continued price appreciation. I will look to take profits as the price approaches overbought levels near the upper Bollinger Band. Managing risk with the defined stop loss is also key to success of this long setup.

Citations:
[1] investing.com/equities/amgen-inc-technical
[2] chartmill.com/stock/quote/AMGN/technical-analysis
[3] macroaxis.com/technical-analysis/AMGN/Amgen-Inc
[4] tipranks.com/stocks/amgn
[5] financhill.com/stock-price-chart/amgn-technical-analysis