AMGN Looks Like It is Getting Ready …

AMGN is trying to break higher out of a long monthly trading range … It tried to make a break back in Sept/Oct, but as often the case, the first attempt at a break-out is thwarted.

AMGN – Monthly Chart

I like to watch the pull-back from these failed break-outs to see if support can be found relatively quickly without much damage done to price.

AMGN – Weekly Chart

The weekly chart shows how price has pulled back to the ATR support level – the Volume Zone Oscillator is also in the oversold territory here as well.

If price is going to find support on the weekly chart, the daily and smaller charts will show us the first signs of a turnaround …

AMGN – Daily Chart

I can signs that the daily chart is possibly ready to try and turn higher …

AMGN – 195 Minute Chart #1

The 20EMA on the 195-min chart is just about to cross-over its signal line, and it looks like price could get back above its moving averages with a little push early next week – these are bullish signs which give “reason” for traders to consider long positions.

AMGN – 195 Minute Chart #2

The set-up here on the 195-min chart has the indicators in a very similar looking place compared to the last bullish set-up.  Price needs to get above the MAs, and eventually break above the ATR resistance level to confirm a new trend higher.  That expansion phase signal may be enough to get the monthly chart to break and close above the break-out level with the December candle.

AMGN – 10 Minute Chart

Friday’s price action made a nice looking wedge consolidation pattern … I will be watching AMGN on Monday morning for signs that a bigger time frame expansion phase has possibly begun.  I have an audio alert at $170.60 so I can monitor/trade AMGN as it tests the Friday HOD.

Cheers … Leaf_West

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