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Here's A Major Trade Level For This Leading

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ITMS Member Level  Wednesday, 01/30/19 11:40:04 AM
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Here's A Major Trade Level For This Leading Biotech Stock $ABBV

AbbVie Inc (NASDAQ:ABBV) is a leading biotechnology firm that has been sliding lower since early December 2018. At that time, the stock traded as high as $94.98 a share. Today, ABBV stock is trading around the $77.70 level. In the near term, the shares are oversold so a short term bounce from an oversold condition is possible. However, when I look at the bigger picture the stock is in a downtrend and has fallen below all of its important daily chart moving averages. This tells me that we need to look lower before finding a major bottom in the stock price. One level that stands out to me is the $66.00 area. This level is where the stock broke out to the upside in June 2017. Traders should keep this level on the radar for a long side trade and a potential major bottom in the stock.





Nick Santiago
InTheMoneyStocks

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