The charts of AbbVie (ABBV) are bullish and probably headed higher. We are picking our spot to go long.
In this daily chart, above, we can see ABBV above the rising 50-day moving average line, but below the declining 200-day average. Overall, the chart formation looks like a saucer bottom where dips below $55 have been bought since September. The On-Balance-Volume (OBV) line has been positive since February, but recently made a "double top." Momentum is not giving us any strong clues.
In this three-year weekly chart of ABBV, above, we see prices are above the 40-week moving average line. The OBV line has been steady and the Moving Average Convergence Divergence (MACD) oscillator has generated a new buy signal as it moved above the zero line. Prices look headed to the $70 to $71 area where they might stall, but a breakout to new highs could happen -- it all depends on volume. Further near-term weakness to $60 looks like a good spot to go long. Use an appropriate risk level.