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
Welcome to our Weekly V2-Trade Setup ( ABBV ) !
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4 HOUR
Slowly rising market structure.
DAILY
Expecting a pushback to previous wave highs at least..
WEEKLY
Great long entries!
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STOCK SETUP
BUY ABBV
ENTRY LEVEL @ 111.19
SL @ 107.66
TP @ Open
Max Risk: 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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