The Greedy Trader Weekly Analysis
Sign In Apr 5, 2024
Skip Navigation Links
Share
Number of records: 1
Symbol:  

• Symbol Lookup
• View Technical Chart
• Add to Watch List
• Candlestick Patterns
• Stock Technical Indicators
• Stock Trends Analysis
• Market Sector Rank
• Stock Trading Signals

Downtrend exhaustion - Stock Market Timing Signals and trading strategies.

Downtrend exhaustion stock alert presents a stock market trading strategy based on combination of timing signals, technical indicators, trend analysis and pattern recognition. Stock market alert is a warning signal. It indicates that long term downtrend is exhausted and probability of long term trend reversal is high. Downtrend exhaustion stock market alert presents relatively low to medium risk - high reword stock pick for undervalued stocks. The strategy is based on taking long position on anticipation of downtrend reversal. Downtrend exhaustion timing strategy and stock trading system presents alerts for S&P 500 index members, ETFs and market indices. As S&P 500 trading system it shows excellent results for index timing also.

Downtrend Exhaustion

Archive
- 3/28/2024 -
Sign In to see current Signals.

Amgen (AMGN) Technical Analysis

Subscribe to TheGreedyTrader Weekly Alerts
Summary:
Weekly :Oversold industryLane's Stochastic is oversoldTrend support at 286.60
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtThe price has risen above the Parabolic SARBroken trend resistance lineThe price moved above the moving average in the center of the Bollinger Bands
Move cursor over the icon to see details.

It was a second positive week after 3 consecutive negative weeks for the Amgen (AMGN). During the week, the AMGN gained 8.15 points, or 2.95%, and closed at 284.32 on Thursday, March 28, 2024. Weekly volume was 8% above average.

AMGN is a member of Biotechnology Industry. Biotechnology is the ninth 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 226.86 and resistance is at 329.85. 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 price is near the trend support (286.60) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line 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, but getting smaller. 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 downtrend resistance line (252.91) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. AMGN may retest the broken resistance line. It is considered to be a support 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 resistance line in a short-term trend.

Daily Technical Indicators: [See AMGN daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Use the following link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since March 18, 2024.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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 moved above 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.82
Williams' Percentage Range (W%R) 3.50
Strong Overbought
Lane's Stochastic (%D-Slow) 86.33
Overbought
Greed/Fear Indicator (GFI) 83.22
Overbought
Moving Average Converg./Diverg. (MACD) -3.52
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.07
Williams' Percentage Range (W%R) 60.50
Lane's Stochastic (%D-Slow) 11.14
Oversold
Greed/Fear Indicator (GFI) 32.30
Moving Average Converg./Diverg. (MACD) 8.81
Trading Signals
Description Value Chart
Yearly Trendline Resistance 329.85
50 Day Moving Average 290.10
Upper Bollinger Band 288.45
Monthly Trendline Support 286.60
Daily Stochastic Crossing 286.38
Price 284.32
20 Day Moving Average 276.49
Weekly Stochastic Crossing 275.14
Parabolic System 271.17
Lower Bollinger Band 270.60
Weekly Trendline Resistance 267.09
Weekly Trendline Support 252.91
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Biotechnology 9
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 268.17
Low Date 03/15/2024
High 288.57
High Date 03/28/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Broken Resistance
Resistance 267.09
Support 252.91
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 Test Support
Resistance 349.55
Support 286.60
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 329.85
Support 226.86
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.