AMGEN (AMGN): Bullish breakout

AMGEN (AMGN) is a biotech stock that came up as a bullish breakout candidate on this past Wednesday's (2/2/26) The Charted Line Webinar.

AMGN is following through, pushing above both the pattern neckline near 345-347 and the 61.8% extension level at 359 and is closing in on the 100% extension at 388. However, the mid 2024 into early 2026 big base favors further upside to 435-440 (161.8% extension and pattern count) on a longer-term basis.

Holding the 347-338 zone would keep this bullish breakout intact.

Chart 1: AMGEN (AMGN) (top) and relative to the S&P 500 (bottom): Weekly chart

A strengthening volume advance decline indicator is confirming the rally on AMGN.

Chart 2: AMGEN (AMGN) (top) and volume advance decline (bottom): Weekly chart