AI
Thursday, May 30, 2019 12:23:53 PM
Most of the leading biotechnology stocks have been very weak over the past couple of months. The SPDR S&P Biotech ETF (NYSEArca:XBI) and iShares Nasdaq Biotechnology ETF (NASDAQ:IBB) have both declined by more than 10.0 percent since early April 2019. Unfortunately for this industry group there looks to be more downside in the cards near term.
One particular leading biotech stock that has been under pressure recently is Amgen Inc (NASDAQ:AMGN). This stock traded as high as $196.87 a share on April 5, 2019. Today, the stock is trading at $168.72 a share, so traders and investors can easily see how this stock has declined so sharply in such a short time span. Shares of AMGN are now trading below their 200-week moving average. This puts the stock in a weak technical position and signals further declines to comes. The stock looks to have a lot around the $160.00 level. This is an area that should be defended when initially tested. It is also a level that was supported in June 2017 which is tells me that this trade area should provide a nice bounce for the stock.
Nicholas Santiago
InTheMoneyStocks
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