StealthTrader

Conditional Trade Bullish / Bearish Perspective

NASDAQ:AMGN   AMGEN INC
229 3 1
(Summary).... On this chart I have highlighted the key areas of interest that I find important in navigating this stocks price action             . I have listed the major support and resistance area.

(Pattern Type) Inverse Head and Shoulders / Break Down

(Target Price) 122 , 130

( Bull Perspective) In order for this trade to initiate price needs to break and hold 114 notice in the past when price tried to break this level it could not hold and resulted in a head fake so volume on a break and the ability to hold the break to the upside is crucial.

( Bear Perspective) If price fails to break this resistance then a short trade may be in the works on signs of break down the first target for the short trade would be the bottom of the green channel then support floor 1.

(Overall Market Influence) If the market receives a pull back in the coming days it may inhibit the bullish trade from taking place.
Profit taking today looking for buyers to step in tomorrow bullish as long as price remains above resistance.
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Crucial price holds above resistance on pullback to stay bullish
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Nice breakout today important that it holds previous resistance.
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