ABBVIE INV has had a considerable sell off but has finally stemmed the tide of negative price action. A nice double bottom reversal has created some support for a move higher we need to see a break of $84 then rally to the falling 200ma at $88 where we can reassess.
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 healthcare sector, is on a major upward trend
the secondary trend is downward
we see a double bottom at 77.5 which is a support area for now..
it has stopped at moving average 200
following it for a short play after an approval candle.
will it break the resistance area with the help of the market?
earnings - 29 april
this is not a recommendation,
I like ABBVIE but its little overpriced right now, considering how much Debt they accumulated on acquisitions that didn't realize or the drugs never worked. But they are coming out with new cancer products, that could replace the income which will be lost from HUMIRA in the next 2 years. I would go long at lower prices. For now shorting ABBVIE untill it hits $68...
the island reversal seems to be a major down signal
the Down channel starting at the gp up
matching with the gap down
continues to provide the channel down peak and the centre of the channel has clustering and smaller gaps in it
short at the top of this channel