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AMGN – Short…

Biotech stocks remain under selling pressure. Sector component Amgen, Inc. (AMGN) still has some “meat on the bone” left to the downside. Please observe the chart below.

Following its bounce from early November lows, AMGN has formed a descending triangle. Yesterday, the stock closed just under the bottom of the triangle which has very limited support beneath it.

Given the entry, stop, and 1st target levels noted on the chart, the setup offers an almost 3 to 1 reward to risk ratio.

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