Will Amgen provide another ideal entry point? The chart says yes.
Based on current activity, it looks like the stock will pull back to the (reliable) 50 ma (arrow). Note how the stock reacted the last time it flirted with this moving average. Amgen surged 20% in three weeks! The indicators were overheated with that run into early September, but signs indicate this pullback may be nearly over.
Money flow is coming back to the neutral line. Relative strength is poor, but the entire biotech group has been in a corrective mode. Earnings are due out soon, which may be the catalyst for a surge up towards the 200 level. If it holds around the 50 ma, expect another higher low on the chart.
