AMGN on the Verge of a Major Breakout

1. Technical Analysis
AMGN has formed a bullish pennant pattern after a strong upside rally. This compression typically acts as a continuation setup, suggesting that buyers are preparing for another push higher—if the major resistance gives way.

Key Resistance
• $346.7 → Major multi-year resistance

Bullish Scenario
If AMGN breaks above 346.7:
• Target 1: $360
• Target 2: $370
• Target 3: $385

Bullish catalysts:
• Strong prior momentum
• Bullish Pennant continuation pattern
• Trading well above the 50-day SMA

Bearish Scenario
If price breaks below the pennant support:
• Support 1: $330
• Support 2: $318
• Support 3: 50-day SMA (~$308)


Suggested Stop-Loss
For short-term traders:
• Stop-Loss: A confirmed break below $330
(A close below 330 indicates weakness and invalidation of the pennant.)

For swing/mid-term traders:
• Stop-Loss (safer): $318
(Losing this level breaks the broader bullish structure.)

2. Fundamental Snapshot

Positives
• Strong revenue performance in specialty therapeutics
• Recent earnings beat expectations
• Healthy cash flow and margins
• Expanding R&D pipeline and new partnerships

Risks
• Intense competition within biotech
• Price-pressure risks
• Regulatory and FDA-related uncertainties

Summary:
The fundamentals remain strong and support the bullish technical structure unless major negative catalysts emerge.

3. Final Summary
AMGN is sitting at a critical inflection point.
A breakout above 346.7 could trigger a new bullish leg, while weakness below 330 activates the stop-loss for short-term traders.