Bears Appeared - AmerisourceBergen

Published on Sunday, 04 December 2011 18:00 Written by Christopher Lynn

New York, December 4th (TradersHuddle.com) - Shares of AmerisourceBergen Corporation (NYSE:ABC) ended the trading session lower by $0.23 or -0.62% from its previous close. AmerisourceBergen's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

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's current stock range is defined by calculated support defined at $35.75 and by the resistance level at $37.56, which should be used by traders planning their trades.

Traders wanting to establish a position in AmerisourceBergen stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current AmerisourceBergen shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: