Is The Sell-off Over At Amgen Inc (NASDAQ: AMGN)? Asks Market Timer Frank Kollar

March 21, 2007

Shares of Amgen Inc (NASDAQ: AMGN), the global biotechnology company that discovers, develops, manufactures, and markets human therapeutics based on advances in cellular and molecular biology, have lost some 23% since their 2007 highs in early January. Is the sell-off over?

Amgen’s almost straight down decline has been steady and devastating. But shares have reached the Fib 78.6% retracement support level that has a good chance of reversing the decline. If shares reverse and rally here, Amgen could see substantial gains in coming weeks. The flip side however, if shares make a decisive close below $59.00 a share, Amgen could decline all the way to 52.00 a share before the next support level is reached. Consider a sell stop just below the $59.00 support level.

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.