Amgen Inc (AMGN) is one of the world’s largest biotech companies. The stock has been under some sharp selling pressure since October 7th, 2020. At that time, the stock traded as high as $258.40 a share. Since that high pivot in October, the shares have fallen down to $228.50 a share. It should be noted that the stock is now trading below its important 200-day moving average. This puts the stock in a weak technical position on the charts. It also indicates lower prices ahead for the shares.
One very good support level that is on my radar is around the $216.00 level. This support area matches up nicely with the weekly chart breakout from mid-June 2020. As many of you know, prior breakouts will usually serve as major support when initially tested. There is also a rising 100-week moving average just under that support level. This level should be very solid support for a long side trade around the $216.00 level.
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