Hi Traders,
AMGN fell after Q2 Earnings back in August and entered a downtrend down to ~200 USD. With this, it entered a strong area of support (ATH of 2018, low of Oct. 2020).
AMGN then broke downward trend but then get capped by resistance at 210 USD and retestet downward trendline from above.
By the end of October just before earnings it started to move up with significant increase in volume. This weeks retest of supportlevel at 210 USD was perfectly in line with fib levels.
So by now the short term trend tends to be upwards, we have retestet trendline and support level and earnings behind us. Maybe ex-date can ruin this setup, but to be safe, an entry could also be done after passing last high at 219.26 USD. SL slighty under supportlevel of 210 USD.
First target is trendline and maybe ATH.
Cheers
AMGN fell after Q2 Earnings back in August and entered a downtrend down to ~200 USD. With this, it entered a strong area of support (ATH of 2018, low of Oct. 2020).
AMGN then broke downward trend but then get capped by resistance at 210 USD and retestet downward trendline from above.
By the end of October just before earnings it started to move up with significant increase in volume. This weeks retest of supportlevel at 210 USD was perfectly in line with fib levels.
So by now the short term trend tends to be upwards, we have retestet trendline and support level and earnings behind us. Maybe ex-date can ruin this setup, but to be safe, an entry could also be done after passing last high at 219.26 USD. SL slighty under supportlevel of 210 USD.
First target is trendline and maybe ATH.
Cheers