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Bearish Moving Average Cross by AmerisourceBergen (ABC)

By Nick Russo

AmerisourceBergen (NYSE:ABC) shares have crossed bearishly below their 10-day moving average of $85.61 on a volume of 218K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of AmerisourceBergen have traded between a low of $73.31 and a high of $116.28 and are now at $85.22, which is 16% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.4%.

SmarTrend recommended that subscribers consider buying shares of AmerisourceBergen on June 30th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.38. Since that recommendation, shares of AmerisourceBergen have risen 9.5%. We continue to monitor ABC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses AmerisourceBergen

Ticker(s): ABC