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Amgen (AMGN) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, Amgen (AMGN - Free Report) could be a good stock pick from a technical perspective. AMGN surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Over the past four weeks, AMGN has gained 8.2%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at AMGN's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch AMGN for more gains in the near future given the company's key technical level and positive earnings estimate revisions.