Amerisourcebergen Corp (ABC): Price Now Near $116.84; Daily Chart Shows An Uptrend on 100 Day Basis

The Hourly View for ABC

At the time of this writing, ABC (Get Ratings)’s price is up $0.34 (0.29%) from the hour prior. This is the 2nd hour in a row ABC has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

ABC’s Technical Outlook on the Daily Chart

Currently, ABC’s price is up $0.89 (0.77%) from the day prior. This is a reversal of the price action on the previous day, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The chart below shows ABC’s price action over the past 90 days.

ABC

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