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|It was a first positive week for the AmerisourceBergen Corp. (ABC). During the week, the ABC gained 4.10 points, or 5.15%, and closed at 83.76 on Friday, February 1, 2019. It was the best weekly gain since October 19, 2018. Weekly volume was 63% above average. |
ABC is a member of Services Sector. Services is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See ABC long-term trend chart]
A long-term downtrend had started on January 29, 2018 at 106.27 and reached 69.36 on December 26, 2018. ABC lost 36.91 points, or 34.73%, in 47 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Medium-term trend: [See ABC medium-term trend chart]
A medium-term downtrend had started on October 19, 2018 at 94.85 and reached 69.36 on December 26, 2018. ABC lost 25.49 points, or 26.87%, in 9 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The price is near the trend resistance line (85.54). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.
Weekly Technical Indicators: [See ABC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since November 30, 2018. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See ABC short-term trend chart]
A short-term uptrend had started on December 26, 2018 at 69.36 and reached 85.86 on January 31, 2019. ABC gained -16.50 points, or -23.79%, in 36 days. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (81.17) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.
Daily Technical Indicators: [See ABC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since January 3, 2019. This is an indication that the short-term trend is up.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.