Approaching Support- AmerisourceBergen

Published on Monday, 22 February 2010 19:23 Written by Christian Paolinetti

New York, Feb 22^nd (TradersHuddle.com) - Shares of AmerisourceBergen Corporation (NYSE:ABC) are trading very close to calculated support at $26.65 with current price action closing at just $27.89 places the stock price near levels where traders will start paying attention.

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 current calculated support defined at $26.65 and by the resistance level at $28.61, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to AmerisourceBergen's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $28.61 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.