Amgen Inc. (AMGN) is ready for an upside breakout. You can buy it here or you can buy it higher. Sounds pretty bullish and it is. Let's go to the charts.
In this daily bar chart of AMGN, below, we can see a number of bullish developments. Prices are above the rising 50-day moving average line and the flat 200-day line. The 50-day average is close to closing above the 200-day line for a bullish golden cross.
Prices have closed above the June highs and have established an uptrend - higher lows and higher highs. There is some chart resistance above $190 to $200 but when you look closer you can see that AMGN has not spent much time above $190 so I do not anticipate much actual resistance.
The daily On-Balance-Volume (OBV) line shows an uptrend from November signaling more aggressive buying for months.
The Moving Average Convergence Divergence (MACD) oscillator moved above the zero line in May for a buy signal and another buy signal is close as the oscillator is turning up again.
In this weekly bar chart of AMGN, below, we can see an uptrend from late 2016. Prices are above the flat 40-week moving average line.
The weekly OBV line shows very strong gains the past three months and this could propel prices higher.
The weekly MACD oscillator crossed to a buy signal last month.
In this Point and Figure chart of AMGN, below, we can see a minor breakout but at trade at $191.64 will be a serious breakout with a $224 price target.
Bottom line: Aggressive traders could go long AMGN here and add on strength above $192. Risk below $184 for now and look for the $225 area on the upside.