Look for Shares of Amgen to Potentially Pullback after Yesterday's 1.61% Rise

Print Share

Dec 10, 2012 (SmarTrend(R) News Watch via COMTEX) -- Amgen (NASDAQ:AMGN) traded in a range yesterday that spanned from a low of $87.73 to a high of $89.81. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $89.42 on volume of 4.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Amgen have traded between a low of $56.00 and a high of $89.95 and are now at $89.74, which is 60% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Amgen on October 1st, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $84.85. Since that recommendation, shares of Amgen have risen 4.1%. We continue to monitor AMGN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com

---------------------------------------------------------------------------------------------

SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com

Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

Copyright, Comtex News Network, Inc. 2012

Free Stock Analysis From Zacks

Includes Zacks Long-Term Recommendation and Target Price

Zacks Research is Reported On:

Zacks Investment Research

is an A+ Rated BBB

Accredited Business.