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Amgen’s Stochastic Issues Buy Signal

AMGN has been consolidating with support around its 50-day moving average

   

Amgen (NASDAQ:AMGN) — This independent biotech company has been a leader in the development of genetically based research and treatment for cancer, anemia, rheumatoid arthritis, and a host of other major illnesses. It markets five of the world’s best-selling biotech drugs.

The Trade of the Day first recommended AMGN on Dec.19, at $60.25, when it broke from a huge cup-and-handle formation. After topping at close to $70, the stock has been consolidating with support around its 50-day moving average at $68. Note the recent buy signal from the stochastic. The trading target for AMGN is $75.

Earnings for 2012 are estimated at $5.97 and $6.60 for 2013. AMGN has a dividend yield of 2.12%.

04 03 12 amgn 300x189 Amgen’s Stochastic Issues Buy Signal
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chart key Amgen’s Stochastic Issues Buy Signal


Article printed from InvestorPlace Media, http://investorplace.com/2012/04/trade-of-the-day-amgen-nasdaq-amgn-2/.

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