Amgen Bears Firmly in Control

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Amgen Bears Firmly in Control

Published on Friday, 27 August 2010 11:35 Written by TradersHuddle Staff

amgn New York, August 27th (TradersHuddle.com) - Shares of Amgen Inc. (NASDAQ:AMGN) booked a new 52 week low by trading below $50.32, traders are definitely monitoring Amgen's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Amgen Inc. (NASDAQ:AMGN) develops, manufactures, and markets human therapeutics based on cellular and molecular biology. The company concentrates on the areas of hematology, cancer, infectious disease, endocrinology, neurobiology, and inflammation.

Amgen is currently trading 0.44% versus its previous trading session close, and it has calculated support and resistance at $50.71 and $56.14 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 1.13% from its previous trading close, which means that Amgen stock is underperforming the overall market.

Deutsche Bank: Xgeva Not Proceeding Well for Amgen - Benzinga
Amgen to Discuss Application for New Use of XGEVA at FDA Oncologic Drugs Advisory Committee Meeting - Benzinga
Dendreon Rockets 17% After Critical Reveiw For Amgen's Cancer Drug - Benzinga
Piper Jaffray Postive on Amgen After FDA Releases Briefing Documents on Xgeva - Benzinga
FDA Skeptical of Amgen Drug Ahead of Panel - TheStreet.com
Amgen Reaches New 52-Week High (AMGN) - TheStreet.com
Stock Market Story: Jan. 27 - TheStreet.com
Stocks to Watch: P&G, Ford, Starbucks - TheStreet.com
Amgen Acquires Micromet for $1.16 Billion - TheStreet.com
Limitations of Beta-Weighted Delta Hedging - TheStreet.com

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