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Possible Bearish Inside Day Candle Pattern Detected for Amerisourceberge (NYSE:ABC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amerisourceberge (NYSE:ABC) based on the price action in the company's shares. Yesterday's price range of $89.88 and $91.21 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Amerisourceberge may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AmerisourceBergen Corporation provides pharmaceutical services. The Company offers brand generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers. AmerisourceBergen distributes its products internationally.

Potential upside of 15.0% exists for Amerisourceberge, based on a current level of $90.50 and analysts' average consensus price target of $104.06. The stock should discover initial support at its 50-day moving average (MA) of $89.58 and subsequent support at its 200-day MA of $88.73.

Over the past year, Amerisourceberge has traded in a range of $77.28 to $106.27 and closed yesterday at $90.50, 17% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

SmarTrend is tracking the current trend status for Amerisourceberge and will alert subscribers who have ABC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle amerisourceberge

Ticker(s): ABC