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|It was the negative week for the AmerisourceBergen Corp. (ABC). During the week, the ABC dropped -1.64 points, or -1.78%, and closed at 90.58 on Friday, October 05, 2018. Weekly volume was -25% below average. |
ABC is a member of Services Sector. Services is the second most overbought 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 uptrend had started on October 28, 2016 at 68.38 and reached 106.27 on January 29, 2018. ABC gained -37.89 points, or -55.41%, in 65 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 75.10 and resistance is at 116.30. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
Medium-term trend: [See ABC medium-term trend chart]
A medium-term downtrend had started on January 29, 2018 at 106.27 and reached 77.28 on August 2, 2018. ABC lost 28.99 points, or 27.28%, in 26 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (75.00) is broken. A broken support is considered to be a long-term bullish signal. 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 medium-term trend.
Weekly Technical Indicators: [See ABC weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 weekly MACD line is above its signal line since August 24, 2018. The distance between MACD and the signal line is low, but getting bigger. 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 September 12, 2018 at 83.39 and reached 93.94 on October 1, 2018. ABC gained -10.55 points, or -12.65%, in 19 days. The chart has formed a Rising Wedge chart pattern.
Daily Technical Indicators: [See ABC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.
The daily MACD line is above its signal line since September 19, 2018. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.