Just looking at the chart it seems AMGN is trying to break out of a multi-year, actual 10 year base. It will require some pushing, but if confirmed that could be a very powerful breakout.
It just took much more effort to break out of this multi-year base, but therefore it should be much more powerful - the longer the base the more upside potential. It seems that AMGN will at least at a minimum test 100, and 120 is certainly in the cards!
Agree. And I'm not a big AMGN fan, but. . .
We're still in the residue of Financial Crisis fear. The U.S. economy promises slow steady growth. Overleveraging has been purged. The European debt crisis is overstated (Greece is tiny. Who cares?).
And I could have purchased AMGN at a ten PE?
The biggest problem is that insiders are selling like FELONS late last month. If there's something big in the pipeline that could quickly boost EPS, then the insiders sure are not sending out any vote of confidence. Be sure to keep a tight stop order to protect your gain. I'm sensing another buck or two on the upside, then massive profit taking kicks in.
Close, but no cigar! $69.95 high, but still not 70. There's nothing magical about 70, but Amgen has made numerous attempts over many years to break the 70 barrier without success. Seems to me the stock could really take off when (and IF) the 70 area is finally breached. It might go all the way to 71, but maybe that's just wishful thinking.
I think the problem is ETFs trading these stocks in a basket. Several drug companies reported lower than estimated revs lately which somewhat soured the sector as a whole. I think in time this will pass and we'll see a breakout. Maybe this week even!