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Watch for Shares of Amgen (AMGN) to Approach Resistance at $88.12

Published on Tue, 01/29/2013 - 13:37
By Peter Chu

Amgen (NASDAQ:AMGN) has opened bullishly above the pivot of $84.84 today and has reached the first level of resistance at $86.85. Investors may be interested in a cross of the next upside pivot targets of $88.12 and $91.40.

In the past 52 weeks, Amgen share prices have been bracketed by a low of $65.37 and a high of $90.81 and are now at $87.29, 34% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

Amgen Inc. discovers, develops, manufactures, and markets human therapeutics based on cellular and molecular biology. The Company focuses its research on secreted protein and small molecule therapeutics, with particular emphasis on neuroscience and cancer. Amgen concentrates on the areas of hematology, cancer, infectious disease, endocrinology, neurobiology, and inflammation.

Amgen (NASDAQ:AMGN) has potential upside of 7.8% based on a current price of $87.29 and analysts' consensus price target of $94.10. The stock should find initial support at its 50-day moving average (MA) of $87.01 and further support at its 200-day MA of $80.21.

By Peter Chu
pchu@fnno.com