Wednesday, January 30, 2019 11:40:04 AM
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
Recent ABBV News
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM
