Although overall long-term trend still bullish, AMGN currently in a short-term downward trend. Looking to revert to upward trend in the next couple of months. Based on:
1. Falling wedge formation, bullish (continuation pattern) of uptrend
2. Indicators (RSI) in oversold territory and looking for breakout
3. Support around 140-145.
Right shoulder of head and shoulders complete at $158, indicating reversal of uptrend. Volume followed pattern, with increased volume on left shoulder, decreasing volume during head formation, followed by increasing volume on right shoulder neckline formation/breakout..
Possible pullback on $158 line, but continued high volume may void.
Possible support...
