AMGN Breaking Out of Downtrend

Shares of Amgen (AMGN) are up roughly 5% today, bucking the overall weakness, on the heels of a strong earnings report. The company beat estimates, reporting strong growth in nearly all of its product lines. Additionally, management raised EPS guidance for the year.

The stock is breaking above its downsloping 50-day average on strong volume. I think this could spark the beginnings of a new uptrend for the stock. There has been a great deal of uncertainty regarding the legal threat of CERA in the EPO market, but like most things, this too gets fully priced in at some point.

long AMGN