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 [1 min read]
Highlights
ABC closes above its opening price after recovering from early selling pressure
ABC finds buyers at key support level
ABC pushes through 200-day moving average
ABC finds support at 20-day moving average
ABC ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 70% Bullish
Technical Forecast:
Overview

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.

Daily chart for ABC
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 89.90 where further buy stops might get activated.

Conclusion

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.

Market Conditions for AmerisourceBergen Corp
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 200 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ABC closes within previous day's range

Jul 13, 2018
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