ABC snaps to lowest close since August 3rd

AmerisourceBergen Corporation (ABC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


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


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):

Daily technical analysis candlestick chart for AmerisourceBergen Corporation (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.

Market Conditions for ABC as at Aug 10, 2018

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