Trade Alert - Amgen at New Highs

Published on Friday, 27 July 2012 12:34 Written by TradersHuddle Wire

New York, July 27th (TradersHuddle.com) - Shares of Amgen Inc. (NASDAQ:AMGN) booked a new 52 week high today by trading above $80.25, traders are definitely monitoring Amgen's price action to see if this move attracts further buying into 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 3.66% versus its previous trading session close, and it has calculated support and resistance at $75.70 and $80.25 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 1.16% from its previous trading close, which means that Amgen stock is outperforming the overall market.