Amerisourcebergen Corporation (holding Co) (ABC) Technical Analysis

Today we'll analyze the Stock ABC for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 39.09$ (03/17/08) to 41.85$ (03/24/08) a 2.76$ move
2- The current bearish trend started from 41.85$ at 03/24/08 and is currently trading at 39.85$.

3- The stock current support level is at 39.09 which is the 100.00% fibonacci retracement of the last 2.76$ move.
4- The stock current resistance level is at 40.14 which is the 61.80% fibonacci retracement of the last 2.76$ move.
5- According to ADX, the trend is currently bearish, which is getting stronger.
Short term chart patterns :

6- The Stock traded in a bearish channel identifed by support at 39.09 and 44.89, resistance between 41.85 and 47.64 which was broken up at 39.5.
Mid term chart patterns :

7- The Stock was resisted by a resistance line, identified by two points: 41.85 and 47.64 that was broken up at 39.5 transforming into a supporting line.
Long term chart patterns :

8- The Stock traded in a bearish channel identifed by support at 42.76 and 43.35, resistance between 47.64 and 48.38 which was broken down at 42.31.

Conclusion:
ABC was trading in a bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .

Resistance Levels: 40.14, 40.32, 40.47, 40.61, 40.80, 40.85, 41.09, 41.20, 41.85, 42.21, 45.56, 45.59, 45.68, 45.69, 46.00, 46.49.
Support Levels: 39.19, 39.09, 38.34,.