Technical Trading Alert

Amgen, Inc. (NASDAQ: AMGN)

Wednesday, September 17^th, 2008

 Amgen, Inc. (AMGN) is starting a strong new long-term up-trend. The stock is making higher highs and higher lows above a rising 200-day moving average (the red line in the chart above). Relative Strength Differential (RSD), our proprietary indicator for selecting super-strong stocks (the green histogram on the above chart), is well above the 25% threshold line, indicating AMGN is outperforming the S&P 500 by a margin wide enough to be considered as a candidate for a buy.

AMGN was in a long-term down-trend until it made a major low at 39.16 in late March, marked as point 1 on the chart. From there, AMGN rallied sharply to a new 52-week high of 65.60 in mid-June, labeled as point 2 on the chart. AMGN pulled back, made a higher low, and turned back up. On Tuesday, point 3 on the chart, AMGN rallied to a new high with a long white candlestick and above-average, rising volume, closing near its high of the day and above the previous high.

At new high, this setup is good for a daytrade only. Daytraders would want to buy AMGN only when it goes .02 above Tuesday’s high, but not if it gaps up or triggers in the first 30 minutes.

Therefore, if AMGN doesn't go above 66.53 before 10am EST Wednesday morning, place an order to buy AMGN at 66.53 Stop Day. Then, as soon as your order is filled, immediately place a stop order to sell AMGN .03 below whatever the low of the day is at the time the order triggers. Then, if the stock continues to rally throughout the day, keep raising your GTC sell-stop until the stock gets sold automatically or exit your position at the close.

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