The ‘greatest stock of all time’ just came back to life: Technician

Health care hits all-time high, and there's one name that's about to break out: Technician

Amgen has been on a tear, hitting another all-time high on Monday, and a top technician is betting that there's even more room to run.

Biotech and health-care stocks have broken out, as the biotech ETF, IBB, rallied nearly 26 percent this year and nearly 10 percent in the past month alone. Amgen shares have also surged 26 percent this year, and Amgen is the fourth largest component in the IBB, making up roughly 8 percent of the ETF.

According to Carter Worth of Cornerstone Macro, Amgen is "if not the best-performing stock of all time, one of the best." He noted that over the course of the past 30 years, the health-care giant has widely outperformed other high-flying names such as Apple, Home Depot and McDonald's.

After having a stagnant three years, Amgen "looks as though it's coming to life," Worth said Friday on CNBC's "Options Action." "We're going to bust out in a big way."

Amgen shares were trading more than 2 percent higher at the $184.79 range midday Monday.

Sign Up for Our Newsletter Options Action

Insight directly from the members of our Options Action panel
Get this delivered to your inbox, and more info about about our products and services.
By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.