IS $ABBV ready to come up on the right side of its base?
Notes:
* Strong up trend on all time frames
* Great earnings track record
* Basing for the past ~8 months
* Now looking to come up on the right side of its base
* Printed a pocket pivot in the last session, indicating institutional buying
* Offering an early entry relative to its 50 day line
Technicals:
Sector: Healthcare - Drug Manufacturers - General
Relative Strength vs. Sector: 6.46
Relative Strength vs. SP500: 2.33
U/D Ratio: 1.4
Base Depth: 28.76%
Distance from breakout buy point: -12.22%
Volume 18.24% above its 15 day avg.
Trade Idea:
* You can enter now as the price is coming off of its 50 day line
* If you're looking for a better entry you can look for one around the ~147 area as that should hold as support moving forward
* If you're looking for a safer entry you can wait for a break and close above the ~152.5 area as that is the immediate resistance coming up
* A daily close below the ~147 area would negate the bullish outlook.
* Strong up trend on all time frames
* Great earnings track record
* Basing for the past ~8 months
* Now looking to come up on the right side of its base
* Printed a pocket pivot in the last session, indicating institutional buying
* Offering an early entry relative to its 50 day line
Technicals:
Sector: Healthcare - Drug Manufacturers - General
Relative Strength vs. Sector: 6.46
Relative Strength vs. SP500: 2.33
U/D Ratio: 1.4
Base Depth: 28.76%
Distance from breakout buy point: -12.22%
Volume 18.24% above its 15 day avg.
Trade Idea:
* You can enter now as the price is coming off of its 50 day line
* If you're looking for a better entry you can look for one around the ~147 area as that should hold as support moving forward
* If you're looking for a safer entry you can wait for a break and close above the ~152.5 area as that is the immediate resistance coming up
* A daily close below the ~147 area would negate the bullish outlook.