Shares of Amgen (NASDAQ:AMGN) have almost formed a head-and-shoulder pattern, which is a bearish setup. If/when the neck-line breaks to the downside, the head-and-shoulder pattern has serious downside. In Amgen's case, if the stock breaks the neck-line, price could fall within weeks to below $150.
Hurry Up And Wait
Just remember that Amgen is not yet a short because it hasn't broken the trend line. I'm watching this pattern formation in case it breaks. That's when I may step in to AMGN.