Amgen Inc. (AMGN) Amgen is a biopharma company based out of California. It is one of the world’s largest independent BioPharma companies specializing in arthritis, autoimmune medication, and chemotherapy-related medicines. It is ranked 123 on the Fortune 500 list and has tremendous potential given the rising importance of healthcare.
The 10-year chart for Amgen shows a long-term uptrend that the stock has been in. There have been regular pullbacks along the way, but the general trend is one of higher tops and higher bottoms. Throughout the past decade, the price has respected the bottom of the long-term trend. The most recent pullback occurred between June 2021 and November 2021, when the price was corrected by about 20%. However, in December 2021, the price seems to have found support at the bottom of the long-term trend. A reversal is likely to play out, and the price could re-test the pre-June21 highs of $250+. So, now would be a good time to go along with a tight stop loss below the bottom trend line near $195.
Position entered into our long-term tracking portfolio today. The entry point is at $221.92, and stop-loss is $187.34, which is 15%% below the entry point. The short-term to medium-term take profit at the top of the trend is set at $245.68, giving a profit of 11%.
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.