Over the long weekend I ran some scans and came across a long opportunity in Amgen, the major drug manufacturer. Let’s take a look at the setup…
A. Defined long term uptrend with a recent pull back to support.
B. Zooming in to the lower time frame we have seen $AMGN just pop above the consolidation range.
C. I’ve written about breakouts from consolidation patterns, that come back to retest. Check this out…
D. Pair the technical setup with a historically seasonally strong month of December and I’m shopping the $AMGN option chain.
Looking at December 22nd calls at $175 here as we speak.
Back with more soon!
OC