Mish’s Daily: Technical Monday: Why Watch AbbVie Inc

1 month ago 148 views 4 min read

Michele “Mish” Schneider

Director of Trading and Education

MarketGauge.com

Mish’s Daily: Technical Monday: Why Watch AbbVie Inc

Written by Michele ‘Mish’ Schneider

AbbVie Inc is a global biopharmaceutical company that specializes in the discovery, development, manufacturing, and marketing of advanced medicines.

AbbVie focuses primarily on immunology, oncology, neuroscience, and virology treatments, and it has a broad portfolio of prescription drugs aimed at addressing a range of medical conditions.

Humira (adalimumab), one of the world’s best-selling drugs, used to treat various autoimmune conditions. However, Humira’s patent expired in 2023, and AbbVie has been transitioning to a newer drug, Rinvoq in this space.

AbbVie develops treatments for various cancers, focuses on treatments for neurological and psychiatric conditions. 2 very popular drugs, (Allergan) and Botox (botulinum toxin) have various medical and aesthetic uses.

The chart is fascinating as the low-risk opportunity to invest in this dividend paying stock is emerging.

Currently trading under the 50 and 200-DMAs, the phase is distribution.

However, if you look left, you can see that ABBV made a low in November and since, has found some buyers.

The support level of $160 is the risk point.

Real; Motion shows a mean reversion to the buyside could be happening.

Plus, the leadership indicator tells us that it is on support. $172 is pivotal right now in a move and hold above looks compelling for a starter position.

Educational purposes only, not official trading advice.

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