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Will Amgen provide another ideal entry point? The chart says yes.

Based on current activity, it looks like the stock will pull back to the (reliable) 50 ma (arrow). Note how the stock reacted the last time it flirted with this moving average. Amgen surged 20% in three weeks! The indicators were overheated with that run into early September, but signs indicate this pullback may be nearly over.

Money flow is coming back to the neutral line. Relative strength is poor, but the entire biotech group has been in a corrective mode. Earnings are due out soon, which may be the catalyst for a surge up towards the 200 level. If it holds around the 50 ma, expect another higher low on the chart.

Amgen (Nasdaq: AMGN) Video Chart Analysis

Take a deeper dive into the chart action on biotech stock Amgen Nasdaq: AMGN and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.

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About Amgen

Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It offers products for the treatment of oncology/hematology, cardiovascular, inflammation, bone health, nephrology, and neuroscience. The company’s products include Evenity to treat osteoporosis in postmenopausal women; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Repatha to treat coronary artery diseases; Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Parsabiv to treat secondary hyperparathyroidism (sHPT); and Erenumab for the prevention of migraine. Its products also comprise Blincyto to treat patients with Philadelphia chromosome-negative relapsed or refractory B-cell precursor acute lymphoblastic leukemia; Kyprolis, a proteasome inhibitor for the treatment of multiple myeloma and small-cell lung cancer; Nplate, a thrombopoietic compound; AMJEVITA to treat psoriatic arthritis and polyarticular juvenile idiopathic arthritis, as well as ankylosing spondylitis and rheumatoid arthritis; ABP 215 for biosimilar candidates; and ABP 980 to treat human epidermal growth factor receptor 2-positive early breast cancer. The company’s marketed products include Neulasta, a pegylated protein to treat cancer patients; Aranesp to treat anemia; Sensipar/Mimpara products to treat sHPT in chronic kidney disease; EPOGEN to treat a lower-than-normal number of red blood cells; NEUPOGEN, a recombinant-methionyl human granulocyte colony-stimulating factor; and IMLYGIC to treat various cancer cells. It serves pharmaceutical wholesale distributors; and physicians or their clinics, dialysis centers, hospitals, and pharmacies, as well as consumers. The company has collaborative agreements with Pfizer Inc.; UCB; Bayer HealthCare Pharmaceuticals Inc.; Array BioPharma Inc.; Syngene International Limited; and CytomX Therapeutics, Inc. Amgen Inc. was founded in 1980 and is headquartered in Thousand Oaks, California.

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