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Strategies & Market Trends : Classic TA Workplace
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To: IHateSourCream who wrote (126888)12/9/2005 1:39:00 PM
From: skinowski   of 209892
 
AMGN - I wish I could be of more help, but this is a tough one. In the big picture, the stock looks like it is in a Wave 4 of a large impulse since October 2004. The problem is that this is not helpful in the short term.

Right now the stock is testing the ~78 area, which was a support / resistance level since last summer. It may hold. The next support should be near the congestion at 76.

I don't think waves can contribute here very much in the shorter time frames... all moves up and down are rather powerful.

I'll give it some more thought later, but for now -- If I were to go long this stock right now, I'd give it maybe a point or less, expecting 78 to hold.
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