Amgen Is Close to its 50 Day Moving Average

Published on Wednesday, 27 June 2012 06:52 Written by TradersHuddle Wire

New York, June 27th (TradersHuddle.com) - Amgen Inc. (NASDAQ:AMGN) closed the trading day at $71.46, near its 50 day moving average that is set at $69.87. Amgen's price action is just above this important support level, providing a trading opportunity.

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.

The peaks and troughs algorithm shows calculated support at $56.00 and calculated resistance at $73.75. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Amgen should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.