ABC Analysis for 12.15.2007

Amerisourcebergen Corp. - ABC

Monthly chart shows steady selling April 2007. Price currently below the 8ema and heading lower. There is also an abc 3 wave pattern in place. Pattern in place suggests a downside target of $25 to $16.50 ish for now.

Weekly chart shows increased selling pressure the last week, as price closed on its lows for the week. Price is currently below all key moving averages and also headed towards key LIS and prior s/r of $41.40 area.

Daily chart shows sellers in a rush to get out of the stock gapped down the price at the open on Friday. Price is finally breaking out of the small consolidation range. While rangebound, price traced out a series of 3 wave patterns within the range. Look for continuation lower in the weeks to come.