ChristopherCarrollSmith
Long

AMGN attempting trend line breakout ahead of earnings

NASDAQ:AMGN   AMGEN INC
Amgen is attempting a breakout above its one-month downward trend line this morning. I will wait to enter until I see a change in volume . Currently there's bearish divergence on the volume profile , which suggests that this may correct downward before confirming the breakout.

Amgen reports earnings tomorrow, and has a positive earnings surprise prediction from Zacks. Amgen has beaten analyst estimates 7 of 8 quarters in the last 2 years. The company's recent price weakness and great valuation (15.8% below the average analyst price target) makes it a good candidate for a pop on an earnings beat.
Comment: Amgen did correct downward this morning, but it made an inverted hammer on the hourly chart, so this is probably a good entry.
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