ABC snaps to lowest close since August 3rd
AmerisourceBergen Corp (ABC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (ABC as at Aug 10, 2018):
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.