This Bounce Has Serious Legs: $AMGN

Over the course of June, Amgen, Inc. (NASDAQ:AMGN) fell nearly every day. The stock traded as high as $161.00 in early June before falling to a low yesterday of $144.00. This was a 10.55% drop. For a stock this big, that is an epic fall for a one month period.

While many investors are scared to go near Amgen, the best time to buy is where there is blood in the street. The key is finding a legitimate reason. The reason comes to the forefront when looking at the chart below. There is a major trend line tagged yesterday. The stock is already bouncing 1.58% today, but has more room to run. An upside bounce in a week or two will likely net a move to $152.25.





Gareth Soloway
InTheMoneyStocks.