Amgen is a Bio-pharma company based out of California. It is one of the world’s largest independent biotech companies specializing in arthritis, autoimmune medication, and chemotherapy-related medicines. It ranks 123 on the Fortune 500 list and has great potential given the rising importance of healthcare.
The 20-year monthly chart of Amgen shows the stock has been in a long-term up-trend. There are two broad movements within this up-trend, a wider movement marked in Yellow and a tighter movement marked with dotted light blue lines
The stock fell about 18% during January and February of 2020. Since then, it has reversed by 9%. In April, the stock crossed two points. First, it bounced up from the inner long-term trend line, as shown in light blue. Second, it also bounced up from a 7-month resistance level, shown using a red-dotted line.
The current price is good for a long position. Positions taken at $217.38 with Stop Loss 17% below at $179.04. Short-term investors target price at $245, giving a 13% profit.