After the pasting of the entire stock market (yes, everything!) last week it was tough to find anything worthy of a buy. Yet, as we know it is all about waiting for confirmation of a move, and perhaps Friday’s move is just about over. There are many charts that look like the one below, Amgen. But interestingly, this stock bolted higher on Monday with tremendous turnover, and actually flipped over on the chart out of the modest downtrend channel. Naturally, we’ll have to see if this one continues to move upward but there is room to go here as the momentum is turning up and the MACD is about to cross over for a buy signal. The last run to highs stalled out following the heated run up in July, but it seems this time around the stock has some power and legs to get up and through the old highs. Above the 175 level would be extremely bullish for Amgen.
For a complete analysis, check out this video from Xplosive Options https://www.youtube.com/watch?v=hpY-V_IhNqU
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