- 5/19/2023 -
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AmerisourceBergen Corp. (ABC)
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|It was a fourth consecutive positive week for the AmerisourceBergen Corp. (ABC). During the week, the ABC gained 2.40 points, or 1.40%, and closed at 173.39 on Friday, May 19, 2023. Weekly volume was 32% above average. |
ABC is a member of Health Care Sector. Health Care is the 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 176.62 on May 19, 2023. ABC gained -108.24 points, or -158.29%, in 342 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 152.96 and resistance is at 182.74. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.
Medium-term trend: [See ABC medium-term trend chart]
A medium-term uptrend had started on March 14, 2023 at 147.48 and reached 176.62 on May 19, 2023. ABC gained -29.14 points, or -19.76%, in 9 weeks. The price is now at the 11.08% retracement level.
Weekly Technical Indicators: [See ABC weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since April 14, 2023. This is an indication that the medium-term trend is up. 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 April 19, 2023 at 163.98 and reached 176.62 on May 19, 2023. ABC gained -12.64 points, or -7.71%, in 30 days. The chart has formed a Broadening Ascending Wedge chart pattern.
Daily Technical Indicators: [See ABC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic.
The daily MACD line is above its signal line since May 10, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.