Amgen In July

I gather you are considering a short at the daily butterfly extension, with a stop just beyond this. 69.75-70 entry, stop 70.50 or so.

If it passes through, then your weekly decisions come into play. and a move beyond 75 could vault it -quickly - to challenge alltime highs.

THe BBH is near its high, having recovered from a pullback that shifted the moving averages in a bearish posture and painted a cautious PNF. I would take sector cues on any position, even though AMGN is the biggest component of BBH. The other biotech indexes/etf - BTK IBB have not reacted as well as the BBH. They probably don't have the same weighting.

If short and the reversal pans out from the daily butterfly extension, I would target the X-A length (around 65) then the 40 dma (has provided continuous support since December) for an immediate decision. A close below that might be the start of something big.
 
Quote from Derrik Hobbs:

This is my first thread on Elite Trader...Anyway, put together some interesting charts on AMGN. Thought it might drum up some conversation. Here is a summary of my thoughts on the attachment:

1) The last two major swing points July 2000 (Major high), and July 2002 Major low. Here we are in July again...will we put in a major swing high point?

2) We are at a key Fibonacci price resistance zone on the weekly chart.

3) We are at the 50% TIME retracement of the 2000 Top to the 2002 low.

3) The daily chart has completed a Bearish Pattern...

Bottom Line: AMGN is at a major Time and Price decision zone. What it does here will likely determine the next few months of direction.


-D
More...

AMGN made a switch (bull to bear) at end of APR according to the P, V relation. It is completing a climax run (with due considration of it's volume range).
 
short now @70.21. Traded AMGN several times during the last years. So I know this stock always comes back. This seems to be the longest up move in the last 3 years, but it won't last forever.
Sell short high, cover lower.
 
Quote from heilbronner:

Anyone still trading the AMGN/BGEN spread? Used to be valid some years ago.
More...

I have not...However, BGEN recently triggered long off of a Bullish Gartley against Fib price support on July 1.

-D
 
Wow, Mr. Hobbs, fancy meeting you here, it's Todd. We're in for a real treat with D.H. in the lineup here on Elite Trader. I know you guys are on the biotech train here, but was wondering if you all could send some feedback my way about the daily SPX here. Man it looks like it's at the end of it's run for a while... thoughts, feelings, insults? All welcomed.

-TG-
 

Attachments

Quote from volkl151:

We're in for a real treat with D.H. in the lineup here on Elite Trader.
More...
I noticed Dave Landry joined earlier today too... An influx of tradingmarkets.com personalities.
 
You must log in or register to reply here.
Back
Top