AMGN (Amgen Inc.) has hit the first profit target for a 15.1% gain. Consider booking partial or full profits and/or raising your stops, depending on your trading plan. AMGN was one of numerous biotech short trade ideas with above average R/R profiles that was covered in the July 30th Biotech Wreck Pending video & was added as an official Active Short Trade on Aug 27th (first chart below) while backtesting the recently broken uptrend line from below.
As my stated preferred proxy for shorting the biotech sector was LABU (3x long biotech sector ETF), I refrained from adding all of the individual biotech companies covered in that video as official trade ideas in order to keep the list manageable. However, all of those stocks are down sharply since then & many more still look to have plenty of downside left overtime. Potential price targets were covered for many of those stocks and as such, they have remained listed in the Trade Ideas category with the symbols linked to that video for reference).
With that being said, many of these biotech stocks, including AMGN, are now very oversold and at or near support/targets levels. For those biotech stocks which are oversold while at or near support,especially if bullish divergences are in place on the 60-minute or daily time frames, it would be prudent to wait for a bounce back to support with some other metrics confirming the entry. I plan to review the biotech sector soon, including updated targets for the LABU short trade.