AMGN Breakdown
By Johns Wu on Jun 20, 2006
AMGN, Amgen Inc., broke down at a support today. This move lower was not confirmed by volume or OBV, so I'm not sure what to make of it yet.
Although AMGN was a huge winner last summer, it has been trapped in a downtrend for the last few quarters. The multiple failures at the 50DMA are a bearish signal.
The breakdown in AMGN this week was probably triggered by the mediocre results of the Aranesp Phase 2 clinical trials.
This entry was posted on Tuesday, June 20th, 2006 at 3:53 pm and is filed under Annotated Analysis.
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Volume isn’t nearly as important for a break down. It’s nice to have, but my guess is that Amgen heads lower and volume picks up along the way.