timwest
Long

Abbvie Inc ABBV oversold at rising support channel

BATS:ABBV   ABBVIE INC
222 9 6
ABBV             47.61 close yesterday.

Upside to 50-52. Risk down to 46+

The parallel channel is made by connecting the two highest lows in the rally, which I have marked with purple circles on the top. The lower channel I made by pulling down the parallel channel down to the "lowest high" back in August. You can see that yesterday's high sits right at that trendline and therefore seems to be a logical place where buyers are laying in wait hoping to acquire ABBV             on oversold readings.

CCI is turning up from oversold and the previous 3 readings are highlighted.

ABBV             is a spin-out of Abbott Laboratories - ABT            

Cheers.

Tim 8:18AM EST Thursday 1/30/2014

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Another bullseye
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I am going to stand aside here, even though the overall market is close to support on the DIA @ 151 (max support level), 154.05 last DIA.
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It hit the resistance target right away today (and the P&L target).

I'm curious to see how it does also and glad that the earnings release didn't hurt the stock.
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I got in at 48.65 yesterday. Looking forward to seeing where this one goes. :)
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50.55 so far. Not bad!!
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timwest PRO justatrader
:-)
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Earnings Jan 31 BMO
GL
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Was long at 47.57 two days ago.. I'm aiming for 53 though.
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timwest PRO justatrader
It has held up well in the past two days relative to the overall market. So that is also a bonus. Thanks for the feedback.
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