Close to Key Levels: Amgen

New York, February 12th ( - Amgen Inc. (NASDAQ:AMGN) closed the trading day at $84.92, near its 50 day and 200 day moving averages set at $86.99 and $81.15 respectively. Amgen's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.

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 seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.

A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Amgen and wait for the stock to break out above its 50 day moving average at $86.99. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $81.15 breaks, it could signal further downside pressure for Amgen.

Note - Automated Content Created By TradersHuddle's Technical Scanner

Related Partner Headlines

    Real Money Pro from TheStreet: Headlined by legendary hedge fund manager Doug Kass, our team of market technicians and professional traders hand you unique perspectives and breakthrough investment opportunities. Access this exciting service -- Real Money Pro -- FREE, right now!

    TradersHuddle Search

    Stock Search:

    Site Search:


    Technical Scans

    Recent Trading Ideas

    Latest Partner Headlines

    Stock Market

    o Dow Jones 17,671.81 ▼79.10 (-0.45%)
    o S&P 500 2,053.37 ▼10.00 (-0.48%)
    o NASDAQ 4,738.20 ▼25.02 (-0.53%)

    Dow Jones

    Company ID [INDEXDJX:.DJI] Last trade:17,671.81 Trade time:9:34AM EDT Value change:▼79.10 (-0.45%)

    S&P 500

    Company ID [INDEXSP:.INX] Last trade:2,053.37 Trade time:9:34AM EDT Value change:▼10.00 (-0.48%)


    Company ID [INDEXNASDAQ:.IXIC] Last trade:4,738.20 Trade time:9:34AM EDT Value change:▼25.02 (-0.53%)

    In The Wires

    Copyright © 2013 All Rights Reserved.