Amerisource Bergen (ABC) has been in a downtrend since early 2015 and a bottom is not in sight.
In this daily chart of ABC, above, we can see the downtrend in this stock. It is only interrupted by a few countertrend rallies. One rally failed right at the underside of the declining 200-day moving average line at the beginning of 2016. The On-Balance-Volume (OBV) line is gently declining the whole time. In the lower panel is the 12-day momentum study, and unfortunately there is no bullish divergence to suggest we might have a reversal soon.
In this weekly chart of ABC, above, we can see two rally failures at the underside of the 40-week moving average line. Even on a weekly basis, the OBV line is declining, telling us sellers have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is well below the zero line, so we are not expecting a bullish signal any time soon. Next support? Good question. Looking at the chart from right to left, we see the $70 level could be the next support area for ABC. Keep your powder dry.