AMGN pushes through Monday's high
Amgen Inc. (AMGN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
AMGN finished the month 2.68% higher at 235.86 after gaining $4.30 (1.86%) today, slightly underperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 234.14, the share confirmed its breakout through the previous session high after trading up to $3.18 above it intraday.
Daily Candlestick Chart (AMGN as at Jun 30, 2020):
Tuesday's trading range has been $5.51 (2.36%), that's slightly below the last trading month's daily average range of $5.82. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AMGN. Prices continued to consolidate within a tight trading range between 229.98 and 237.32 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical resistance level at 239.07 (R1).
Amgen shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling could speed up should prices move below the close-by swing low at 229.98 where further sell stops might get triggered. With prices trading close to this year's high at 244.95, upside momentum could accelerate should the market be able to break out to new highs for the year. Further buying might move prices higher should the market test May's nearby high at 244.50.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Amgen. Out of 461 times, AMGN closed higher 50.76% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.70% with an average market move of 0.81%.