ABC ends the day on a bullish note closing near the high of the day
AmerisourceBergen Corp (ABC) Technical Analysis Report for Apr 16, 2018
ABC finished Monday at 88.77 gaining $1.95 (2.25%) on high volume. Trading up to $2.63 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $5.48 (6.31%), that's far above last trading month's daily average range of $2.90. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. In spite of a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After trading as low as 84.19 during the day, the market bounced off the key support level at 86.62. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 89.90. After trading as low as 84.19 during the day, ABC found support at the 20-day moving average at 86.76.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The share managed to break above the 200-day moving average at 87.27 today for the first time since April 10th.
Buying could accelerate should prices move above the close-by swing high at 89.90 where further buy stops might get activated.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.
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