Amgen Higher To 290

Price action itself has negated the breakdown scenario in Amgen (AMGN).

Instead, we now have a wedge that’s forecasting a move higher. 

Using a measure move off a wedge breakout (yet to occur), we can project AMGN to the 290 area.

The expectation is the overall biotech index (IBB) will move higher as well.  If so, there’s a potential to form a bearish weekly MACD divergence if IBB makes new highs.

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.
%d bloggers like this: