Swing Trade Idea (AMGN) – June 18, 2021
Our bullish trade for Friday, June 18th is AMGN Inc (AMGN). AMGN is part of the Healthcare Sector (XLV). XLV has experienced a 1.55% gain in the last month as defensive sectors gain some momentum.
AMGN’s 1M and 6M trend have changed to neutral from bearish. Price has pulled back after a recent rally and this provides a good risk/reward entry for a long position. With a technical score (3 out of 10), AMGN is a weak stock that will likely reverse higher.
As a stop loss, if AMGN were to trade below $237.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $6.36.
