AmerisourceBergen exposed to negative pressure - Analysis - 13-05-2022

AmerisourceBergen's stock declined in the intraday levels, marking a loss of 6.01% in the last session, or 9.69 points, and settling at 151.61, with trading volumes surpassing 5.4 million shares, over the 10-day average of 2.3 million shares. 

The decline came after Walgreen, the biggest shareholders in the pharmaceutical company, sold a part of its holdings in the company. 

Technically, the stock is trespassing the support of the 50-day SMA, and getting exposed to negative pressure, and embarking on a correctional downward trend, leaning thereafter on the upward short-term trend line, with positive signals from the RSI.

Therefore we expect more losses, targeting the support of 135.87, provided the initial support of 147.85 is reliably breached.

Expected trend for today: Bearish