ABBV has been losing some value in their stock since January 2018.. Some trends we can see on the chart, are a couple fibonacci patterns, farthest on left is since the stock started, and closer on the right side is the latest dip on. The retrace has hit the long term 50% Fibonacci level and bounced off. Volume has been low, however.
We draw trend lines and see a falling wedge pattern developing. This will usually call for a reversal, and we can start to use a couple other indicators as well. We can use Fibonacci retrace levels to assume when downward trend may hit major resistance. We can draw in our Moving Averages for future glimpses, and also take a look at RSI for selling volume, as the stock price falls.
This is one I will be keeping my eye on, as we beak into 2019. I believe ABBV has good earnings potential, has a good dividend, and overall is a strong company. Being a Daily chart, we will be looking further down the road for this to play out. Smaller patterns will develop and play out before this may happen. Look for breakout of current trends to make any moves.
I marked this chart as SHORT (short term only). I find it confusing when making a LONG call on longer term charts, while knowing the stock price is still expected to dip short term.
We draw trend lines and see a falling wedge pattern developing. This will usually call for a reversal, and we can start to use a couple other indicators as well. We can use Fibonacci retrace levels to assume when downward trend may hit major resistance. We can draw in our Moving Averages for future glimpses, and also take a look at RSI for selling volume, as the stock price falls.
This is one I will be keeping my eye on, as we beak into 2019. I believe ABBV has good earnings potential, has a good dividend, and overall is a strong company. Being a Daily chart, we will be looking further down the road for this to play out. Smaller patterns will develop and play out before this may happen. Look for breakout of current trends to make any moves.
I marked this chart as SHORT (short term only). I find it confusing when making a LONG call on longer term charts, while knowing the stock price is still expected to dip short term.