Big pharma hasn’t gotten the memo about there being a bear market. Just look at Amgen.
The biotechnology stock jumped to a new record high on November 8. The breakout followed a strong earnings report and data about its olpasiran cholesterol drug.
It’s consolidated in a tight range since then, demonstrated by the narrowing of Bollinger Bandwidth. That may create the potential for prices to expand if the uptrend continues.
AMGN has made lower highs since then while holding roughly $280. The resulting triangle could provide signals for traders eying a breakout.
Third, the 21-day exponential moving average has come up from below. The stock has tested it last week and this week, but quickly responded each time. That could also suggest an uptrend is taking shape.
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