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Advanced TA SearchArchive
- 4/5/2024 -
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Amgen (AMGN) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Amgen (AMGN). During the week, the AMGN dropped -14.37 points, or -5.05%, and closed at 269.95 on Friday, April 5, 2024. It was the worst weekly loss since February 9, 2024. Weekly volume was -17% below average.
AMGN is a member of Biotechnology Industry. Biotechnology is the seventh most oversold industry. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See AMGN long-term trend chart]
A long-term uptrend had started on March 20, 2008 at 39.16 and reached 329.72 on February 5, 2024. AMGN gained -290.56 points, or -741.98%, in 828 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 227.09 and resistance is at 330.19. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See AMGN medium-term trend chart]
A medium-term uptrend had started on June 1, 2023 at 211.71 and reached 329.72 on February 5, 2024. AMGN gained -118.01 points, or -55.74%, in 35 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (288.41) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. AMGN may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See AMGN weekly technical indicators chart]
Weekly Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Lane's Stochastic or strongly oversold weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is below its signal line since February 16, 2024. The distance between MACD and the signal line is relatively high and getting bigger. Use the following link to access a MACD help.
 Short-term trend: [See AMGN short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 288.57 and reached 265.12 on April 5, 2024. AMGN lost 23.45 points, or 8.13%, in 8 days. The price is now at the 20.60% retracement level.
 Daily Technical Indicators: [See AMGN daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
 Candlestick pattern: [See AMGN candlestick chart pattern]
On Friday the chart has formed a Bearish Thrusting Candlestick pattern. This pattern occurs in a downtrend and it shows a rally failure in a down market. This is a weak continuation pattern. The reliability of the Bearish Thrusting pattern is low. Use the Technical Stock Screener to see the list of stocks that had a Bearish Thrusting Candlestick pattern during the last week.
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