Swing Trade Idea – (AMGN) – August 05, 2020
Our bullish trade for Wednesday, August 5th is AMGN Inc (AMGN). AMGN is part of the Healthcare Sector (XLV). XLV has experienced a 3.4% gain in the last month and its 1M and 6M trend bullish on June 30th.
AMGN’s 1M trend turned bearish on August 5th and its 6M trend has been bullish since June 18th. Price has recently pulled back to an area of support providing a good long opportunity. With a technical score of 7 (out of 10), AMGN is a strong stock that will likely move higher.
As a stop loss, if AMGN were to trade below $230.00 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. We also recommend cutting losses on this options trade if the value of the vertical spread moves above $10.00.
