AbbVie is on the Verge of a Breakout
July 21, 2021 at 05:43 AM EDT
AbbVie (ABBV) is nearing a key resistance level. If that level is surpassed, a breakout is expected.
AbbVie, Inc. (ABBV) is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus and human immunodeficiency virus; neurological disorders, such as Parkinson's disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.
Take a look at the 1-year chart of AbbVie (ABBV) below with my added notations:
Over the past few months, ABBV has stalled at $118 as resistance (red) multiple times, while also forming a possible trendline of support (green). Together, these two lines have created an ascending triangle pattern.
Eventually, ABBV will have to break either the $118 resistance or the triangle's trendline support. A long trade could be made on a break above $118. A break below the trendline would be an opportunity to enter a short trade.
Want to Discover More Great Trades?
I have explored virtually every flavor of technical analysis and chart pattern known to mankind. The sad fact is that the vast majority of them don’t work at all.
That is why I recently put together this special report to help investors focus on the only 5 chart patterns that matter…the ones that lead to the most timely and profitable stock trades. Click below to get your copy now!
Have a good trading day!
Christian Tharp, CMT
ABBV shares rose $0.55 (+0.47%) in premarket trading Wednesday. Year-to-date, ABBV has gained 12.66%, versus a 16.29% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp
I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing.AbbVie is on the Verge of a Breakout appeared first on StockNews.com