The recovery in the share price of Amgen, Inc. (NASDAQ:AMGN) has been impressive. In November 2016 the biotechnology mega player was trading at $134. Poor earnings, drug problems and government threats to curb drub pricing killed the stock. Four months later, Amgen, Inc. finds itself hitting 52 week highs of $178.00. The reason why smart investors are selling at this level is because of the extension move of 32% in such a short span of time, in conjunction with a technical double top at $175-$178. See the stock chart below for a visual. The pull back level is clear as investors should expect a drop to $160.00 within weeks.
Stock market chart analysis on Amgen, Inc. signals sell