AMGN I’m bullish biotech and health, bearish online dog treats - Bullseye Pick of the Week

My Trade Details:

  • AMGN Apr 21 2023 $245 Call near $2.70
  • below $234
  • Target 1: $248
  • Target 2: $255

My Reasoning:

The Biotech sector has been finding some life again after a dismal few months to start the year. I really like the support building up for that entire sector, and I think we will see it play “catch up” with the rest of the market soon (IBB is down 2% while the QQQ is up 20% YTD so far).

The top dog in that ETF is one of my favorite Biotech stocks, and that is what I am focusing on this week.

The company is Amgen (AMGN).

There is a lot to like about the chart setup right now.  When a major stock like this drops from $280’s to $220’s in a few months’ time, you better pay attention.

I think we have seen the lows for AMGN for quite a while, and the bulls will take charge again.