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  • Swing Trade Idea (AMGN) – November 28, 2023

    Nov 28, 2023 Swing Options Tips Comments Off on Swing Trade Idea (AMGN) – November 28, 2023

    Our bearish trade for Tuesday, November 28st is AMGEN Inc. (AMGN). AMGN is part of the Health Care Sector, which has performed at 4.03% over the last month, with AMGN underperforming at -2.02% over the same period.

    AMGN made a double top recently and is in the process of pulling back from this level. A break below support at $250 is expected to accelerate downside momentum with the next area of support then at $220. The first area of support to is at $250, which may hold during this retracement. 

    As a close, if AMGN were to trade above $275 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also want to consider cutting losses on this options trade if the value of the vertical spread moves below $1.77.

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