Amgen Looks Healthy

I was checking out the Twitterverse late Friday and saw that one of the traders on my feed liked Amgen (AMGN). I took a peek at the daily chart and scratched my head -- until I pulled up the weekly chart.

Amgen (AMGN) -- Weekly Source: Dynamic Trader View Chart » View in New Window »

First I noticed that Amgen's recent high was made just short of a major extension of a prior swing. It's pretty normal to see a healthy correction after a market extends a prior swing -- and, when any security makes a 1.272 extension of a prior swing, I usually start trailing up stops a bit tighter. In this case, Amgen had almost met the 1.618 extension of a prior major swing, and so far this has been followed by a healthy pullback....553 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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