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
AMGN – Weekly Chart
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
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