ABC snaps to lowest close since August 3rd


AmerisourceBergen Corp (ABC) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
ABC dominated by bears dragging the market lower throughout the day
ABC finds buyers at key support level
ABC breaks below previous session low
ABC falls to lowest close since August 3rd
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

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 chart for ABC
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the nearby swing low at 81.48 where further sell stops might get activated.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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