The Greedy Trader Weekly Analysis
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Daily D%-Slow:< 30
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Lane's Stochastic (%D-Slow)

The Lane's Stochastic indicator developed by George Lane is one of the most useful and widely used momentum oscillators in technical analysis. Lane's Stochastic oscillator uses four indicators to combine relative strength with moving average methods. %K is an un-smoothed RSI. %D is a moving average of %K (fast stochastic). %D-Slow is a longer term moving average of %K, and finally %D-Slow (slow stochastic) Moving Avg. is another moving average. Like other overbought oversold oscillators, they are normalized within a scale of 0 to 100. Buy/sell signals are generated by %D stochastic crossover with its moving average above 80%, for overvalued, or below 20%, for undervalued stocks. The divergence between price and indicator is the most important buy/sell stocks trading signal. Lane's Stochastic bullish divergence/bearish divergence should be considered together with other stock market trading alerts, trading indicator and technical trading techniques.

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- 3/15/2024 -
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Amgen (AMGN) Technical Analysis

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Summary:
Weekly :Lane's Stochastic is oversoldBroken trend support line
Daily :The price is below the lower Bollinger BandWilliams' Percentage Range is oversoldMACD bullish divergence
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It was the negative week for the Amgen (AMGN). During the week, the AMGN dropped -4.88 points, or -1.78%, and closed at 268.87 on Friday, March 15, 2024. Weekly volume was 30% above average.

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 226.44 and resistance is at 329.24. 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 (283.35) 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. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. 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 link to access Lane's Stochastic 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 February 5, 2024 at 329.72 and reached 268.17 on March 15, 2024. AMGN lost 61.55 points, or 18.67%, in 39 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 261.97 and resistance is at 276.50. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a short-term trend.

Daily Technical Indicators: [See AMGN daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Williams' Percentage Range help.

The daily MACD line is below its signal line since March 14, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 26.89
Williams' Percentage Range (W%R) 83.70
Oversold
Lane's Stochastic (%D-Slow) 27.09
Greed/Fear Indicator (GFI) 23.42
Moving Average Converg./Diverg. (MACD) -5.98 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 49.90
Williams' Percentage Range (W%R) 72.00
Lane's Stochastic (%D-Slow) 15.54
Oversold
Greed/Fear Indicator (GFI) 30.57
Moving Average Converg./Diverg. (MACD) 10.57
Trading Signals
Description Value Chart
50 Day Moving Average 294.98
Upper Bollinger Band 290.36
Monthly Trendline Support 283.35
Parabolic System 282.48
20 Day Moving Average 278.45
Weekly Trendline Resistance 276.50
Weekly Stochastic Crossing 274.60
Daily Stochastic Crossing 270.87
Lower Bollinger Band 269.44
Price 268.87
Weekly Trendline Support 261.97
Yearly Trendline Support 226.44
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Biotechnology 15
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 278.56
High Date 03/13/2024
Low 268.17
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Valid
Resistance 276.50
Support 261.97
High 329.72
High Date 02/05/2024
Low 268.17
Low Date 03/15/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Support
Resistance 344.72
Support 283.35
Low 211.71
Low Date 06/01/2023
High 329.72
High Date 02/05/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 198.64
Low Date 12/01/2021
High 329.72
High Date 02/05/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 329.24
Support 226.44
Low 39.16
Low Date 03/20/2008
High 329.72
High Date 02/05/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.