ABC pushes through previous session high


Technical Analysis Report for ABC - May 17, 2018 [1 min read]
Highlights
ABC finds buyers around 85.33 for the third day in a row
ABC fails to close above 200-day moving average
ABC closes higher for the 2nd day in a row
ABC pushes through previous session high
ABC stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ABC ended Thursday at 87.07 gaining $1.08 (1.26%). Closing above Wednesday's high at 86.73, the share confirms its breakout through the prior session's high having traded $1.13 above it intraday.

Daily chart for ABC
Volatility

Thursday's trading range was $2.53 (2.94%), that's slightly below last trading month's daily average range of $2.62. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 85.31 and 87.86 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 88.15. AmerisourceBergen Corp found buyers again today around 85.33 for the third trading day in a row after having found demand at 85.31 in the previous session and at 85.43 two days ago. After spiking up to 87.86 during the day, the market found resistance at the 200-day moving average at 87.27.

Trend

Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could speed up should prices move above the close-by swing high at 88.48 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 85.31 where further sell stops might get triggered. With prices trading close to this year's low at 81.58, downside momentum could speed up should ABC break out to new lows for the year. As prices are trading close to May's low at 83.49, downside momentum might accelerate should the share mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 200 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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