AmerisourceBergen Corp. (ABC) stocks has been going up for a year now as it moves in an upward trading channel (indicated by the blue dotted lines). As part of the biotechnology and and drug industry, a rise in demand in healthcare products urged the stock prices to reach an all-time high of $31.96 (greed dotted line) a couple of weeks ago. Currently, there is what looks to be a 1-month bearish divergence between the price and the MACD which could trigger a break from the ascending channel. If it does, we could see the price head to the 28.95 support (violet line). But if it does not and the price bounces from the channel’s support and the 30.00 handle, the stock could continue moving upward and tap its all-time high again. So until the channel gets broken and the stock reverses, I’d remain bullish on it.
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