The Greedy Trader Weekly Analysis
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Amgen (AMGN)

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Summary:
Weekly :Oversold industry
Daily :The price has risen above the Parabolic SARPrice has crossed above the 50 Day Moving AverageThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Amgen (AMGN). During the week, the AMGN gained 14.57 points, or 6.08%, and closed at 254.21 on Friday, May 7, 2021. It was the best weekly gain since March 19, 2021. Weekly volume was 18% above average.

AMGN is a member of Biotechnology Industry. Biotechnology is the seventh most oversold industry. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See AMGN long-term trend chart]
A long-term uptrend had started on March 20, 2008 at 39.16 and reached 276.69 on January 28, 2021. AMGN gained -237.53 points, or -606.56%, in 671 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 199.50 and resistance is at 278.58. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See AMGN medium-term trend chart]
A medium-term uptrend had started on September 28, 2015 at 130.09 and reached 276.69 on January 28, 2021. AMGN gained -146.60 points, or -112.69%, in 278 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 220.44 and resistance is at 283.69. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See AMGN weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since March 19, 2021. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See AMGN short-term trend chart]
A short-term downtrend had started on April 21, 2021 at 261.00 and reached 231.03 on April 29, 2021. AMGN lost 29.97 points, or 11.48%, in 8 days. The price is now at the 77.34% retracement level.

Daily Technical Indicators: [See AMGN daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since April 23, 2021. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.28
Williams' Percentage Range (W%R) 30.80
Lane's Stochastic (%D-Slow) 68.93
Greed/Fear Indicator (GFI) 62.15
Moving Average Converg./Diverg. (MACD) 0.76
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.09
Williams' Percentage Range (W%R) 44.00
Lane's Stochastic (%D-Slow) 77.52
Greed/Fear Indicator (GFI) 62.90
Moving Average Converg./Diverg. (MACD) 2.61
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 283.69
Yearly Trendline Resistance 278.58
Upper Bollinger Band 262.72
Price 254.21
Weekly Stochastic Crossing 253.61
20 Day Moving Average 250.73
Daily Stochastic Crossing 249.36
50 Day Moving Average 244.24
Lower Bollinger Band 235.25
Parabolic System 230.80
Quarterly Trendline Support 220.44
Sector and Industry
Description Name Rank
Sector Health Care 5
Industry Biotechnology 7
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 231.03
Low Date 04/29/2021
High 255.73
High Date 05/07/2021
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 261.00
High Date 04/21/2021
Low 231.03
Low Date 04/29/2021
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 220.25
Low Date 03/04/2021
High 261.00
High Date 04/21/2021
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 283.69
Support 220.44
Low 130.09
Low Date 09/28/2015
High 276.69
High Date 01/28/2021
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 278.58
Support 199.50
Low 39.16
Low Date 03/20/2008
High 276.69
High Date 01/28/2021
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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