Price broke down and bounce in previous resistance at 116. Two possible entries aggressive and conservative.
ABBV Open - 113.19 SL - 110.17 TP - 125.27
If it can break through the top trend, could see a nice move up to 104. Let's wait and watch...
The drop is normal. But I will not buy it now if I'm not in the market. NYSE:ABBV
Huge breakout for ABBV closing the day above the double top formed from 2014/2015 highs between 70.70 and 71.60, both offering little resistance. RSI pushing into the high 80s shows good strong move up in my opinion, I won't be using RSI for short/sell/TP signal, rather buy more when it dips to over-sold territory on consolidation in the next few weeks... if that...
Long levels noted in the chart. Has more upside potential than downside. Good RR.
ABBV has been down-trending within channel. My prediction is for stock to either remain in channel or move below. Drug manufacturers facing uncertainty, IMO due to probability of Clinton Presidency. Low risk option trade. I am Long Dec02 57.5p / Short Nov18 55.5p. Max loss is my .46 debit. Potential profit up to $1.5.
Main Signals: 1-rising wedge with bottom line's breakout 2-RSI divergence Sell current low breakout 66.34 Stop loss 68.13 (+1 tic wedge high) Target 55.50 (Elliott's waves+stron price levels)
I've been watching the stock since they broke below support last year. It seems to have become a new level of resistance. Green lines represent potential areas of support.
ABBV expected to open at 56.73 for a Gap N Go. To learn to trade this strategy for free go to www.RealLifeTrading.com