AbbVie - 30d expiry - We look to Sell a break of 132.58 (stop at 137.03)
133 continues to hold back the bears.
132.75 has been pivotal.
Posted a Double Bottom formation.
A break of the recent low at 132.74 should result in a further move lower.
Our profit targets will be 121.01 and 117.01
Resistance: 154 / 157 / 160
Support: 147 / 142 / 137
Disclaimer –...
Previously a rising wedge led to a bullish break out which touched the 1.618 Fibonacci circle level
As of current a rising wedge has pushed price way up to 4.618 similarly to the earlier scenario
And also similar to the first situation we will see a bearish move following this steep rise
The rejection has already begun
ABBV has formed a parabolic uptrend, with the presence of a falling wedge, which has led to a major bullish breakout, however still within the parabolic trend range. MACD also indicates a reversal taking place.
