e-mail alert! couple weeks old though
Company Profile: Amgen, Inc. is a global biotechnology company that discovers, develops, manufactures and markets human therapeutics based on advances in cellular and molecular biology. The Company manufactures and markets four human therapeutic products, EPOGEN (Epoetin alfa), NEUPOGEN (Filgrastim), INFERGEN (Interferon alfacon-1) and STEMGEN (Ancestim). Amgen uses wholesale distributors of pharmaceutical products as the principal means of distributing the Company's products to clinics, hospitals and pharmacies. Trading Strategy: AMGN has consolidated sideways for a over a week. The price action preceding this pattern and yesterday was bullish which means that the odds of an upside breakout remain high. Yesterday’s decline showed weakness across many sectors and stocks. While the biotech index closed down AMGN did not, indicating relative strength. Tip: Breakouts of sideways consolidation patterns tend to resolve themselves in the direction of the price action that preceded the pattern. We’ll look to buy AMGN once it trades above $67.60 with our fixed stop $2.61 away. High Risk. Objective: Our objective will be $2.75 to $6.00 over the next several days. SPW Update: SFA gained $3.04 at high to meet objective Congrats. Have a great week!
Ben
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