AmerisourceBergen Close to the 50 Day

Published on Friday, 05 March 2010 07:20 Written by Danny Miller

New York, March 5th (TradersHuddle.com) - Shares of AmerisourceBergen Corporation (NYSE:ABC) closed the trading day at $27.99 very close to its 50 day moving average currently set at $27.16. AmerisourceBergen's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $26.65 and calculated resistance at $28.50. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on AmerisourceBergen will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other ley levels that might affect their upside or downside.