ABBVIE INC -ABBV OVERSOLD RALLY REACHED UPSIDE TARGETReview of January 30 buy signal setup in oversold Abbvie Inc (ABBV) shares for low risk, solid return.
Tim 1:24PM EST Tuesday, Feb 18, 2014
ABBV trade ideas
Abbvie Inc ABBV oversold at rising support channelABBV 47.61 close yesterday.
Upside to 50-52. Risk down to 46+
The parallel channel is made by connecting the two highest lows in the rally, which I have marked with purple circles on the top. The lower channel I made by pulling down the parallel channel down to the "lowest high" back in August. You can see that yesterday's high sits right at that trendline and therefore seems to be a logical place where buyers are laying in wait hoping to acquire ABBV on oversold readings.
CCI is turning up from oversold and the previous 3 readings are highlighted.
ABBV is a spin-out of Abbott Laboratories - ABT
Cheers.
Tim 8:18AM EST Thursday 1/30/2014
