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Amngen Inc. (AMGN) – Short
Entry – 182.75-184.20
Stop – 186.00
Target – 168.00
AMGN has traded higher the great majority of days over the past two weeks and is now facing resistance of longer term highs. The first test of the range of recent highs has a higher probability of reversing back lower, particularly after the recent run up. The trade parameters of this short play in AMGN on the chart above offer a better than 3 to 1 reward to risk ratio.