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AmerisourceBergen Rises 1.42% on Heavy Volume: Watch For Potential Pullback

By Shiri Gupta

AmerisourceBergen (NYSE:ABC) traded in a range yesterday that spanned from a low of $80.17 to a high of $81.24. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $80.93 on volume of 887,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

AmerisourceBergen share prices have moved between a 52-week high of $116.28 and a 52-week low of $73.31 and are now trading 10% above that low price at $80.90 per share. 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 its subscribers protect gains by selling shares of AmerisourceBergen on September 14th, 2016 by issuing a Downtrend alert when the shares were trading at $84.45. Since that call, shares of AmerisourceBergen have fallen 5.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders AmerisourceBergen

Ticker(s): ABC