Shares of Amgen Inc. ( AMGN) has been weak for much of the past year but the charts are showing improvement. Let's check out this pharmaceutical giant to see if we can take advantage of any further improvements. 
In this daily bar chart of AMGN, below, we can see that the share price of AMGN was weak from late January to early December. Prices have rallied smartly this month and tested the underside of the declining 200-day moving average line. AMGN is trading above the rising 50-day moving average line and looks poised for another test of the 200-day line. The trading volume looks like it has increased in the past two months and is a sign that there is renewed interest in the stock.
The On-Balance-Volume (OBV) line shows an increase and has broken the downtrend from April. The Moving Average Convergence Divergence (MACD) oscillator has crossed back above the zero line for an outright buy signal.
In this weekly Japanese candlestick chart of AMGN, below, we can see some positive clues. Prices are trading below the declining 40-week moving average line but a close above $230 will change that. Notice the lower shadows in October and November around $200?
The weekly OBV line turned up from November and the MACD oscillator has crossed to the upside for a cover shorts buy signal.
In this daily Point and Figure chart of AMGN, below, we can see a potential upside price target in the $290 area.
Bottom line strategy: Traders could probe the long side of AMGN in the $225-$220 area risking below $210. The $290 area is our price target for now.
