ABBV probably more upside, as it's broken 200EMa once again. This action has happened a number of times and not yet failed. Arguably a morning star signal depending on your perspective, but for arguments sake it is a doji gap up scenario, with both scenarios being very bullish.
Thanks. Tom
Dear Fellow Risk Takers,
Happy New Year and I bid all of you a very profitable 2015 ahead.
Here’s my first Break Out Trading Idea for 2015.
Price for ABBV has been trading along a gentle and steady upwards channel, from April 2014 to Nov 2014. Current price action has broken above the upper channel line.
In other words, price was gently bullish and now shows...
Many traders like to trade IPOs and new stocks as the volatility is considered to offer good opportunity.
But as a technical trader I find it difficult to trade a stock for which there is less than 5 years data. There is a limited history of how the stock reacts to events - which makes them difficult to analyse.
In the case of ABBV a pattern is now beginning to...
ABBV 47.61 close yesterday.
Upside to 50-52. Risk down to 46+
The parallel channel is made by connecting the two highest lows in the rally, which I have marked with purple circles on the top. The lower channel I made by pulling down the parallel channel down to the "lowest high" back in August. You can see that yesterday's high sits right at that trendline...
