Amgen Inc. (AMGN) stock price trades close to the 200-day EMA and is now trying to surpass the hurdle. However, the stock is revamping from the support of $210 last month and attaining solidity. Moreover, the upper trendline near $230 and 20 days EMA was surpassed, and the stock gained momentum in the past sessions. The technical parameters suggest buyers are accumulating the stock and looking to overtake the 200-day EMA to initiate a fresh rally behind the barriers.
Moreover, AMGN stock is ready to deliver its Q2 earnings result next week, 03 Aug. Furthermore, the stock is at a buying value area, and investors are drawing their attention toward the buying and persist in accumulating from the last sessions.
The chart shows that AMGN stock has retraced from the top of $280 and retested the demand zone of $210. Afterward, the buyers showed aggressiveness, halted the selling, and initiated a reversal.
At press time, AMGN stock was traded at $234.82 with an intraday gain of 0.68%, showing bullish cues in yesterday’s session. Moreover, the trading volume increased massively by 6.78% to 9.381 Million, showing interest among investors and demand for the stock. The market cap is $125.471 Billion.
Amgen is a leader in biotechnology-based human therapeutics, with historical expertise in renal disease and cancer supportive-care products. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, 2006 and markets bone-strengthening drugs Prolia/Xgeva (approved 2010) and Evenity (2019).
The acquisition of Onyx bolstered the firm’s therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). Amgen’s biosimilar portfolio includes Mvasi (biosimilar Avastin), Kanjinti (biosimilar Herceptin), and Amgevita (biosimilar Humira).
AMGN Shows Trendline Breakout On Daily Charts
On the daily charts, AMGN stock price escaped the upper trendline and traded beyond the 20-day EMA but below the 200-day EMA. Moreover, the price runs above 23.6% and near 38.2%. However, the price trades above the mid-Bollinger band and holds the gains.
The RSI curve stayed near 65 in the overbought zone, forming a positive divergence and indicating upcoming surge and buying projections.
The MACD indicator showed a bullish crossover, indicating buyers are rescuing their strength and looking to dominate in the following sessions.
Conclusion
AMGN stock price is close to 200 days EMA trying to surpass, showing intent to catch $250. Moreover, the parameters suggest buying projections if it succeeds in reaching $238.
Technical Levels:
Support Levels: $220
Resistance Levels:$240 and $250
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/23/will-amgn-inc-nasdaq-amgn-stock-price-surpass-the-200-day-ema/