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SmarTrend Watching for Potential Pullback in Shares of AmerisourceBergen After 1.42% Gain

By James Quinn

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.

In the past 52 weeks, AmerisourceBergen share prices have been bracketed by a low of $73.31 and a high of $116.28 and are now at $80.90, 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.6%.

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