Amgen On its Way to New All-Time Highs

by Sam Collins | January 10, 2013 1:35 am

Amgen On its Way to New All-Time Highs

Amgen (NASDAQ:AMGN[1]) — This 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.

On Wednesday, S&P lowered its earnings estimates for 2012 by $0.10 to $6.43, but raised its 2013 estimate by $0.10 to $7.17 ($0.18 more than when we included it in our Top Stocks to Buy for January[2].) AMGN has a dividend yield of 2.1% and is recognized as a company with a very high cash position, giving it the flexibility for acquisition and further drug developments.

The stock is trading in a bullish consolidation channel with resistance at $92 and support at $85. Note the triple buy signal from our proprietary indicator, the Collins-Bollinger Reversal (CBR), and the buy signal from the MACD.

Our trading target for AMGN is raised to $100, but it is also recommended as a long-term investment.

01 10 13 amgn 300x208 Amgen On its Way to New All Time Highs
Click to Enlarge

chart key 300x84 Amgen On its Way to New All Time Highs

Endnotes:
  1. AMGN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMGN
  2. Top Stocks to Buy for January: http://investorplace.com/2013/01/top-stocks-to-buy-amgn-aapl-bac-dva-ibm-trn/

Source URL: http://investorplace.com/2013/01/trade-of-the-day-amgen-nasdaq-amgn-5/
Short URL: http://invstplc.com/1nwlDUn