Shares of Amgen have been rallying within the SIA Dow Jones Industrial Average Report throughout the month of November, as illustrated in the attached SIA matrix position table. This move is coincident with the relative strength gains that SIA has been observing within the SIA Drug Sector and, of course, comes against the backdrop of an overall equity market that has been extremely volatile. In the attached monthly candlestick chart, this rally in AMGN appears to be a breakout from a rising wedge, as well as a breakout above resistance highs that date back to mid 2024. Amgen currently holds a near perfect SMAX score of 9 out of 10, which represents yet another vector of relative strength analysis, this time against a basket of alternative asset classes; further supporting its rise within the SIA reports and its growing leadership inside the Dow Jones Industrial Average.
Amgen Inc. is one of the world’s largest biotechnology companies, known for developing innovative medicines in areas such as oncology, cardiology, inflammation, and bone health. Founded in 1980 and headquartered in California, Amgen focuses on using advanced human genetics to guide drug discovery and development. Its portfolio includes major therapies such as Repatha, Enbrel, Prolia, and Evenity, and the company continues to expand through a strong research and development pipeline and strategic acquisitions. Amgen is widely recognized for stable revenue growth, a diversified product lineup, and a consistent record of scientific innovation.
The attached point and figure chart, scaled at 2%, provides an even clearer illustration of the recent spread triple top breakout that occurred this past month. Using a vertical point and figure counting methodology, SIA can now extrapolate potential resistance levels at $368.58 and $415.08, while support currently sits at the 3-box reversal level of $314.58. We have also highlighted the breakout level, marked in light green, at $320.87 as an important area to monitor for potential support. In addition, the psychological whole number level at $302.37 and the trend support near $273.86 could become significant levels should global stock market conditions deteriorate further.
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