Amgen Inc. (AMGN) stock price broke out from the falling wedge pattern and has gained strength over the past sessions. Moreover, the price action shows that AMGN stock has retested the 100-day EMA near $250 and again started to rise. Furthermore, the chart structure shows that buyers are gaining traction and are looking strong, which suggests that follow-on buying may persist and AMGN stock will chase the swings of $300 soon. Moreover, the chart shows that after breaking out of the trendline at $230, AMGN stock persisted in forming higher highs and looked stronger.
Amgen stock price is trading in the bull trajectory and indicates bullishness, and the price action suggests that AMGN share price is targeting $300 and will skyrocket soon. AMGN stock is in the bull trajectory, and follow-on buying continues in the upcoming sessions. Moreover, investors are gaining attention in the pharma stocks, having accumulated over the past sessions. Furthermore, AMGN stock shows the long buildup and buying activity witnessed in the past sessions.
At press time, AMGN stock price was $267.70, with an intraday drop of 0.63%, showing bullishness on the charts. Moreover, the trading volume increased by 0.44% to 2.909 Million; the market cap is $143.193 Billion. Furthermore, analysts maintained a neutral rating with a yearly target price of $260.76, suggesting mutant growth aspects.
Amgen, Inc. is a biotechnology company that engages in the discovery, development, manufacture, and marketing of human therapeutics. It operates through the Human Therapeutics segment. The company was founded by William K. Bowes, Jr., Franklin Pitcher Johnson, Jr., George B. Rathmann, and Joseph Rubinfeld on April 8, 1980, and is headquartered in Thousand Oaks, CA.
AMGN Stock Shows Bullish Cues on Daily Charts
On the daily charts, AMGN stock price is in the bull territory, highlighting the bullish cues. Furthermore, the chart setup suggests that AMGN share price will reach $300 in the upcoming sessions. Moreover, the price persists in forming higher highs, and trading volume above average shows investors’ interest in the stock.
Furthermore, AMGN stock price is trading above the 61.8% Fib zone and is heading toward the immediate hurdle of $275. Moreover, it is near the breakout zone and the upper Bollinger band where a significant upside can be anticipated.
The RSI curve stayed in the overbought zone, and forming a positive crossover suggests that AMGN stock price will skyrocket soon. The MACD indicator showed a bullish crossover forming green bars on the histogram which suggests a positive outlook for the upcoming sessions.
Summary
AMGN stock price shows bullish cues and is trading in the bull territory, suggesting that buyers are looking strong and trying to exceed the buying momentum to reach $300. Furthermore, the buying conviction came from the breakout of the falling wedge pattern, and the stock persisted in gaining traction, forming higher highs over the past number of sessions.
Technical Levels
Support Levels:$260 and $240
Resistance Levels: $280 and $300
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/23/amgen-inc-nasdaq-amgn-boosts-strength-will-it-reach-300/