The More Things Change The More They Stay The Same:

Within the former “old big four” biotech giants, only one is really still shining brightly, and give it credit for hanging with the “contemporary” mega cap leaders. Of course CELG was swallowed recently by BMY, and BIIB still currently trades 25% off most recent 52 week highs. GILD, to me feels like the AMD of the semiconductor space. Every time it feels like it is ready to break out, it just can not follow through (that being said a daily CLOSE above 78 could change my mind). Let us now focus on the general within the ancient trio, deservedly so, in AMGN. It now trades just 4% off most recent 52 week highs, and today reversed 13 handles off session lows. The area where it did so was even more important, and reiterates that breakouts are often retested to make sure of their validity. It turned higher after touching the area of a 239.27 cup with handle breakout taken out on 7/1. The breakout was very impressive as well, as it catapulted more than 8%, CLOSING on its highs, in the third best daily volume in the last 11 months. Respect.

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