Can Amgen(NASD:AMGN) shares go significantly higher?

The Minichart Trendline indicator has determined that the share price of Amgen Inc. has just broken its downtrend and is likely to recover from here.

This indicator developed by Minichart can detect stocks that change their trend, either from an uptrend to a downtrend or vice versa. It is plotted automatically.

First of all, Amgen Inc. stock price reached a short-term support 2 days ago when it hit the 38.2% Fibonacci support of a strong uptrend. The uptrend of the stock price started on 1 June 2023, and lasted for 7 months.

The strong uptrend has also formed a bullish head and shoulders (H&S) formation on the Minichart. From a technical analysis perspective, the recent pullback is a salutary correction after the price broke out of the H&S formation. Over time, the price will probably continue to rise and break above the high reached on February 5.

In addition, there are 3 other reasons why the price may have reached a good support and could rise again from here.

The price has reached the exponential moving average of 100. This is a strong support level.
The Minichart Heikin Ashi indicator has changed colour. It is now bullish.
The Stochastic indicator is oversold and starting to turn upwards.

Amgen Inc. Price Target

Next, we will use the Fibonacci retracement to find the immediate price target when the price starts to recover.

Using the Minichart Fibonacci retracement measurement from February 5 to 20, the first price target is $299, followed by $305. This is based on the 38.2% to 50% Fibonacci retracement levels. These levels coincided with resistance points during the sideways consolidation (green arrow on the chart).

If traders were to buy the stock based on Friday’s close of $289.18, they could potentially realise a decent return of 3.5% to 5.5%. This is based on the $299 to $305 Minichart price target mentioned above.

Of course, this is a short-term price target that can be reached within the next few weeks. Should the share price break through the high reached on February 5, the new price target will be significantly higher.

About Amgen Inc.

Amgen Inc. finds, creates, produces, and distributes human medicines globally. The main products of the company consist of Enbrel for treating plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for treating adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers related to Behçet’s disease; Prolia for treating postmenopausal women with osteoporosis; XGEVA is used to prevent skeletal-related events; Repatha lowers the chances of heart attack, stroke, and the need for heart surgery; Nplate is used to treat people with immune thrombocytopenia.

KYPROLIS is used to help patients with relapsed or refractory multiple myeloma; Aranesp is used to address a lower-than-normal count of red blood cells and anaemia; EVENITY is prescribed for managing osteoporosis in postmenopausal individuals, both men and women; Vectibix is administered to patients with wild-type RAS metastatic colorectal cancer; BLINCYTO is indicated for patients with acute lymphoblastic leukaemia; TEPEZZA is prescribed for treating thyroid eye disease; and KRYSTEXXA is used for chronic refractory gout treatment.

It also sells other items such as Neulasta, MVASI, AMJEVITA/AMGEVITA, TEZSPIRE, Parsabiv, Aimovig, LUMAKRAS/LUMYKRAS, EPOGEN, KANJINTI, TAVNEOS, RAVICTI, UPLIZNA, and PROCYSBI. The organisation caters to healthcare providers such as doctors or their clinics, dialysis centres, hospitals, and pharmacies. It sells its products through pharmaceutical wholesale wholesalers, as well as directly to consumers.

The company has partnerships with AstraZeneca plc to work together on TEZSPIRE; Novartis Pharma AG for the development and sale of Aimovig; UCB to develop and sell EVENITY; Kyowa Kirin Co., Ltd. for the development and sale of rocatinlimab; and BeiGene, Ltd. to expand and develop oncology products.

Amgen Inc. was established in 1980 and is based in Thousand Oaks, California.

Here is a recent news on Amgen inc.

Can Amgen(NASD:AMGN) shares go significantly higher?

Amgen Inc. Price Target

About Amgen Inc.

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