AbbVie is a research-based biopharmaceutical company known for its blockbuster drug Humira. Let's check out the charts and indicators.
In this daily bar chart of (ABBV) , below, we can see that prices rallied back above the 50-day moving average line after touching/testing the rising 200-day line earlier this month. The On-Balance-Volume (OBV) line weakened in April and May and bottomed in June suggesting a shift back to aggressive buying from aggressive selling. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside for a cover shorts buy signal.
In this weekly Japanese candlestick chart of ABBV, below, we can see a lower shadow as prices touched the rising 40-week moving average line. The weekly OBV line shows weakness in recent months. The MACD oscillator is pointed down in a take profit sell signal but has just started to narrow.
In this daily Point and Figure chart of ABBV, below, we can see an upside price target in the $184 area.
In this weekly Point and Figure chart of ABBV, below, we can see a downside price target in the $117 area.
Bottom line strategy: Aggressive traders could go long ABBV on a dip to $150 risking to $144. On the upside we could rally to the $170 area for starters.
