We have not reviewed the charts of AbbVie Inc. (ABBV) since early July where we wrote that, "The charts of ABBV suggest we should soon see new highs. Existing longs should raise stop protection to a close below $90. If you are flat you could go long at current levels risking below $90. $109 and $119 are our nearest price targets." Prices reached a high of $101.28 but retreated lower into August. Can ABBV mount another advance? Let's check out the charts again.
In this updated daily bar chart of ABBV, below, we can see that prices have weakened a little bit. ABBV is now trading below the cresting 50-day moving average line. On the plus side, ABBV is still above the rising 200-day moving average line. The On-Balance-Volume (OBV) line shows a slight decline from July into August suggesting a slight shift to more aggressive selling. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line but pointed back up toward it.