Really nice reversal in ABBV over the past 2+ months. Rose through descending channel resistance AND ascending trendline resistance, then re-tested support and took off.
It's probably due for a breather, but I'd be a buyer if it re-tests support once more around $74.
ABBV is currently breaking the 200sma, ending a 14 month downtrend.
On the next days I will be tracking the next tools:
OBV should trend higher to confirm this new uptrend. It still has not done that.
3 candlestick closes above the 200SMA would also be a confirmation signal.
ABBV’s innovation outlook is trending up based on a current score of 70 out of 99, outperforming sector average. Jobs growth over the past year has decreased and insiders sentiment is positive. ABBV is an Outperformer in terms of sustainability. It is most exposed to AstraZeneca PLC as its supplier. Over the past 4 quarters ABBV beat earnings estimates 3 times and...
ABBV took a sharp dip with the recent news, but at the end of the day, they will just grow bigger. From a technicial analysis stand point, ABBV remains ina decending wedge, even with the sharp decline in price. Lower risk entry would be confirmed brakeout above the wedge. I may be interested in a swing trade between the .786 and .382 fibs. This could potentially...
After moving 40% down from ATH's has abbv found support on this slope support & 61.8% retrace?
4h levels show the channel structure in place. First test to upside comes at $82.5 which has been key pivot level.
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...