andrew.berg
Long

AMGN cup&handle

NASDAQ:AMGN   AMGEN INC
Amgen doubled up its price since 2012 after it resolved wedge . Monthly and weekly charts looks very bullish with outside candles. In this strong tape I am watching for strong stocks wich are in uptrend across all time frames.

Stock topped at $128 and after it broke down its intermidiate uptrend line then it accelerated to downside, dropped 200 EMA but found bottom around $110 from where it bounced to $119.50, pulled back a bit and built consolidation above all key moving averages.

It looks like a nice Cup&Handle pattern and with recent action price broke hadle - entry tier 1. And I will add on break of $119.50 resistacne. My target at $128 makes this trade excellent from Risk/Reward point of view and probability is high as well.

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