Earnings due, signal losing steam
Amgen rises 2.4% and returns to the 379 area right before earnings
Earnings due, signal losing steam
Our view last week
Amgen shares add 2.7% this week and confirm the double bottom in the 338 area that emerged a week ago, with the rebound now carrying the stock within a whisker of its all-time high. The rally, though, keeps running into the daily upper Bollinger Band, which has turned it back for the second time in a month, and the 7-day high remains only grazed. In technical analysis terms the buy signal is in its sixth week, but signal strength drops to 29 out of 100 just as earnings approach.
This week's summary
Amgen shares add 2.4% this week and return to a level already reached in the 379 area, with no session having turned it back yet: for now the move stays in continuation. Weekly technical analysis: the buy signal is in week 7 and its strength is fading, while the stock trades within 3.3% of its all-time highs. Earnings are on the calendar this very week.
IQS Phase
76
in tension
Signal Strength
27
low · fading
Sizing
MINIMUM
Ranking
#113 / 120
US stocks in progress
Trade P&L %
+8.43%
from signal to date, no stop loss
Rank position
ranks 113th among the 120 Longs already running for US stocks in our ranking, with a signal strength of 27 out of 100.
Sector context
SectorHealth Care
Benchmark ETFXLV
Sector regimein positive regime
Performanceweekly -0.01% · monthly +1.89%
AMGN belongs to the health care sector (reference ETF XLV). The sector is classified in positive regime according to our weekly reading.
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