Nancy wanted me to post a chart of Amgen. The stock blasted to a new all-time high today and is up 34% for the month of July. I don’t have much to say about it — it’s obviously very strong right now. But I wouldn’t be chasing it if I wasn’t already long. I’d like to see how it acts if & when it tests today’s gap. I’d also watch for some kind of pattern (a flag?) that will give a decent reward:risk entry. If I was already long before today’s pop I’d just enjoy the ride and keep waiting it out.
Here’s the daily chart followed by the weekly:
