AbbVie
Short Term
We look to Buy at 138.60 (stop at 133.69)
Preferred trade is to buy on dips. There is scope for mild selling at the open but losses should be limited. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. Further upside is expected although we prefer to set longs at our bespoke support levels...
Previously a rising wedge led to a bullish break out which touched the 1.618 Fibonacci circle level
As of current a rising wedge has pushed price way up to 4.618 similarly to the earlier scenario
And also similar to the first situation we will see a bearish move following this steep rise
The rejection has already begun
The Stock is trading in the bullish price channel.
The price is near the support line so the probability is it will move up-to 95.92 to its support level.
Below 94.25 price can be bearish.
