One stock that hasn't benefitted from the S&P's 2013 climb is Amgen (AMGN - Get Report), the $64 billion pharmaceutical stock. Instead, Amgen has mostly churned sideways this year. But that could be about to change thanks to a bullish setup that's been forming in shares.
Amgen is currently forming an ascending triangle pattern, a technical setup that's formed by a horizontal resistance level to the upside and uptrending support sitting right below shares. Essentially, as AMGN bounces in between those two technical price levels, it's getting squeezed closer and closer to a breakout above resistance at $90. When the breakout happens, we've got a buy signal for this stock.Pharmaceutical names have been acting "funny" for the last few months, stumbling only to make a move higher. That's good enough reason to keep a tight stop on AMGN. The 200-day moving average is becoming a pretty good proxy for support right now, so it's a reasonable place to put your stop.