ABBV is still in a daily downtrend. The fact that the stock is below the 200 day moving average tells us that it is not an investing material yet.
The chart above shows the daily chart of ABBV. The yellow line is the 200 day moving average. Generally, when a stock is below its 200 MA, it is not a very good idea to invest in the stock.
The fact that the stock has a declining 200 MA also tells us that the stock can go lower.
ABBV broke below an uptrend line. In fact it gap down. There is quite a lot of resistance overhead. Therefore, one can expect resistance around the 88.00 area.
The chart above is the weekly chart of ABBV. There is some silver lining here as there are 2 bottoming tails in the weekly chart. Although the trend is still down, the existence of those bottoming tails might hint to a bounce up to the resistance area which I have shown in the daily chart.
Notice how the stock is below its weekly 20 MA and 50 MA. This tells us that the stock is not yet ripe for a bull move up. When the stock was above the weekly 20 MA and 50 MA, that was a great time to be in the stock. Thus, someone who wants to ride the trend up should be patient.
For a sustainable long term rise, the stock needs to break above the downtrend line. Otherwise the stock will just be moving sideways.
Last of all, the monthly chart of ABBV shows us that the stock is still in a long term uptrend. There is actually some very heavy support below. The 70 area is a strong support and thus one can consider buying the stock if it reaches there.
Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com
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