Amgen Has 20% Upside

Amgen has been trading within a well defined 35-year rising channel. The stock has recently broke above its 423.6% fibonacci extension (derived from the 2005 high and 2008 low) to new all time highs, and there are signals in the chart that suggest this stock can keep moving higher. A measured move from the Q4 2018 highs and lows points to an initial price objective of $247, while the fibonacci extension levels from Q4 2018 point to an initial price objective of $275, marking upside of 18% from today's levels. Fundamentally, Amgen announced encouraging drug data on glioblastoma, a form of aggressive brain cancer. Pipeline progress and continued strength of their drug franchises can power the stock to continued new highs.


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