ABC snaps to lowest close since August 3rd
ABC ended the week 1.25% higher at 81.98 after losing $1.26 (-1.51%) today. Today's closing price of 81.98 marks the lowest close since August 3rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 82.35, the market confirms its breakout through the previous session's low having traded $0.70 below it intraday.
Friday's trading range was $1.43 (1.72%), that's below last trading month's daily average range of $2.10. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 81.65 during the day, the share bounced off the key support level at 81.97. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 81.48 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for AmerisourceBergen Corp
|Bullish Break through SMA 100||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
|4 Consecutive Higher Closes||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
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