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Has Amgen Reached Downside Exhaustion?

Amgen (AMGN) non-stop Friday with a outrageous relapse gap.  This Enbrel-driven fall forsaken shares over 7% on a bell.  By a finish of a event AMGN had lost scarcely 9.5% holding out mixed support zones along a way. 

The batch has drifted reduce given and with today’s early debility is commencement to exam an critical area.  For studious investors a low risk entrance event might be developing.

As AMGN began to retreat from a $176 area in late September, an meaningful double tip was left behind. Four weeks after a batch had returned to a 200-day relocating normal after a 10% drop.  This pivotal support section enclosed a stock’s Jun high. 

Heading into Friday morning’s third-quarter gain news AMGN seemed to firming adult easily after convalescent a balance nearby a 200 day relocating average. The thrust that followed a Enbrel news was a utterly a reversal, one that will take some time to redeem from.

As Oct came to a close, AMGN fell next a June/Brexit low. In a early going Tuesday a batch has dipped even serve and appears to be display some signs of stabilization after reaching a top rope of a vital support zone.  This pivotal area has hold critical monthly lows including a Aug 2015 bottom as good as a Feb and Mar lows of this year. 

Slightly next these monthly lows is AMGN’s 40 week-moving normal only above $137.  This long-term indicator has not been tested given Dec 2012. Back afterwards a Dec 40-week relocating normal exam valid to be a vital bottom. 

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