Amgen, Inc. (NASDAQ: AMGN)

Amgen Inc., a biotechnology medicines company, discovers, develops, manufactures, and markets human therapeutics based on advances in cellular and molecular biology for grievous illnesses primarily in the United States, Europe, and Canada. Its principal products include Neulasta and NEUPOGEN to stimulate the production of neutrophils, which is type of white blood cell that helps the body fight infections; Enbrel, an inhibitor of tumor necrosis factor that plays a role in the body's response to inflammatory diseases; and Aranesp and EPOGEN erythropoiesis-stimulating agents, which stimulate the production of red blood cells. The company also markets other products comprising Sensipar/Mimpara, a small molecule calcimimetic that lowers serum calcium levels; Vectibix, a monoclonal antibody that binds specifically to the epidermal growth factor receptor; and Nplate, a thrombopoietin (TPO) receptor agonist that mimics endogenous TPO, the primary driver of platelet production, as well as offers Prolia and XGEVA denosumab, which are human monoclonal antibodies that specifically targets RANKL, an essential regulator of osteoclasts.
To review Amgen's stock, please take a look at the 9-month chart of AMGN (Amgen, Inc.) below with my added notations:
After breaking through the $90 resistance (teal) in February, AMGN peaked at $115 in April. Over the last month the stock has been stuck within a common pattern known as a rectangle. Rectangle patterns form when a stock gets stuck bouncing between a horizontal support and resistance. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern. AMGN's rectangle pattern has formed a $102 resistance (red) and a $95 support (blue).
The Tale of the Tape: AMGN has formed a small rectangle pattern. The possible long positions on the stock would be either on a pullback to $95, or on a breakout above $102. The ideal short opportunities would be on a break below $95, with an expectation of a fall back down to the previous level of $90, or on a rally back up to $102 resistance.
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