Can Amgen(NASD:AMGN) shares go significantly higher?
The Minichart Trendline indicator has determined that the share price of Amgen Inc. has just broken its downtrend and is likely to recover from here.
This indicator developed by Minichart can detect stocks that change their trend, either from an uptrend to a downtrend or vice versa. It is plotted automatically.
First of all, Amgen Inc. stock price reached a short-term support 2 days ago when it hit the 38.2% Fibonacci support of a strong uptrend. The uptrend of the stock price started on 1 June 2023, and lasted for 7 months.
The strong uptrend has also formed a bullish head and shoulders (H&S) formation on the Minichart. From a technical analysis perspective, the recent pullback is a salutary correction after the price broke out of the H&S formation. Over time, the price will probably continue to rise and break above the high reached on February 5.
In addition, there are 3 other reasons why the price may have reached a good support and could rise again from here.
The price has reached the exponential moving average of 100. This is a strong support level.
The Minichart Heikin Ashi indicator has changed colour. It is now bullish.
The Stochastic indicator is oversold and starting to turn upwards.
Amgen Inc. Price Target
Next, we will use the Fibonacci retracement to find the immediate price target when the price starts to recover.
Using the Minichart Fibonacci retracement measurement from February 5 to 20, the first price target is $299, followed by $305. This is based on the 38.2% to 50% Fibonacci retracement levels. These levels coincided with resistance points during the sideways consolidation (green arrow on the chart).
If traders were to buy the stock based on Friday’s close of $289.18, they could potentially realise a decent return of 3.5% to 5.5%. This is based on the $299 to $305 Minichart price target mentioned above.
Of course, this is a short-term price target that can be reached within the next few weeks. Should the share price break through the high reached on February 5, the new price target will be significantly higher.
This indicator developed by Minichart can detect stocks that change their trend, either from an uptrend to a downtrend or vice versa. It is plotted automatically.
First of all, Amgen Inc. stock price reached a short-term support 2 days ago when it hit the 38.2% Fibonacci support of a strong uptrend. The uptrend of the stock price started on 1 June 2023, and lasted for 7 months.
The strong uptrend has also formed a bullish head and shoulders (H&S) formation on the Minichart. From a technical analysis perspective, the recent pullback is a salutary correction after the price broke out of the H&S formation. Over time, the price will probably continue to rise and break above the high reached on February 5.
In addition, there are 3 other reasons why the price may have reached a good support and could rise again from here.
The price has reached the exponential moving average of 100. This is a strong support level.
The Minichart Heikin Ashi indicator has changed colour. It is now bullish.
The Stochastic indicator is oversold and starting to turn upwards.
Amgen Inc. Price Target
Next, we will use the Fibonacci retracement to find the immediate price target when the price starts to recover.
Using the Minichart Fibonacci retracement measurement from February 5 to 20, the first price target is $299, followed by $305. This is based on the 38.2% to 50% Fibonacci retracement levels. These levels coincided with resistance points during the sideways consolidation (green arrow on the chart).
If traders were to buy the stock based on Friday’s close of $289.18, they could potentially realise a decent return of 3.5% to 5.5%. This is based on the $299 to $305 Minichart price target mentioned above.
Of course, this is a short-term price target that can be reached within the next few weeks. Should the share price break through the high reached on February 5, the new price target will be significantly higher.
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