Amgen (AMGN) stock declined during its recent intraday trading, amid continued negative pressure as it trades below its 50-day simple moving average. This has led the stock to break a short-term ascending trend line, increasing the likelihood of a continued corrective downward move in the near term, especially with the reappearance of negative signals on the Relative Strength Index after the stock managed to unwind its oversold conditions, opening the door for further losses.

Therefore, our expectations point to a decline in the stock price in upcoming trading, particularly if it breaks the current support at $346.35, targeting the next support level at $329.35.

Todays price forecast: Bearish