AmerisourceBergen - Above Average Volume Detected

Published on Friday, 23 July 2010 11:38 Written by Christian Paolinetti

New York, July 23rd (TradersHuddle.com) - Unusual high volume detected on shares of AmerisourceBergen Corporation (NYSE:ABC), early in the trading session. AmerisourceBergen is currently trading higher by 2.94%, so definitely the buyers stepping in, as the stock's volume is already above average.

AmerisourceBergen Corporation (NYSE:ABC) is a pharmaceutical services company. The Company distributes pharmaceutical products and services. AmerisourceBergen distributes an offering of brand name and generic pharmaceuticals, over-the-counter healthcare products, and home healthcare supplies and equipment. AmerisourceBergen also provides pharmacy management, staffing and other consulting services.

AmerisourceBergen has already traded 1.304 times its 3-month average volume, and has calculated support and resistance at $30.31 and $32.93 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.05% from its previous trading close, which means that AmerisourceBergen stock is outperforming the overall market.