ABBV34 trade ideas
ABBV: Opportunity To Go LongABBV has been consolidating in the triangle range since its high in Jul 2015.
RSI has found support at bull market support at 50-60 zone and is turning up.
A successful and strong break of (b)-(d) trendline and preferably high of Wave (b) will imply the completion of the consolidation and start of a new uptrend to new highs.
A break of Wave (a) low will invalidate this projection.
ABBV earnings playABBV has been down-trending within channel. My prediction is for stock to either remain in channel or move below. Drug manufacturers facing uncertainty, IMO due to probability of Clinton Presidency. Low risk option trade. I am Long Dec02 57.5p / Short Nov18 55.5p. Max loss is my .46 debit. Potential profit up to $1.5.
Triangle Breakout ahead?If the resistance Zone 63.5-65$ cpuld bombed away, the midterm target @ 71 $ can be aimed.
Prices above 71$ can be seen as a longterm Buying-Signal
Prices below 58.5$ will perhaps cause a fast dip of the former low @ 51-52$
Several positions are thinkable:
-Anticyclical Shortterm Short: Entry now (~63,4$) SL=65,55$/TP 59$)
Cyclical shortterm lon: Entry 64$ /SL 58.5/TP 71
--> Cyclical longposition above 71$ /SL 67.5$/TP 83-86$
Cyclical Shortposition: Entry 58$/SL 60.5$/TP 51-52$
Good luck
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Rising wedge has comen to Abbvie IncMain Signals:
1-rising wedge with bottom line's breakout
2-RSI divergence
Sell current low breakout 66.34
Stop loss 68.13 (+1 tic wedge high)
Target 55.50 (Elliott's waves+stron price levels)
Watching ABBVI've been watching the stock since they broke below support last year. It seems to have become a new level of resistance. Green lines represent potential areas of support.
ABBV broke out of nice consolidationABBV broke both sideways consolidation range and declining trend line. Previous few trading sessions have been hittin the resistance but unable to break out. Friday's price broke out of resistance which bodes well for higher prices. Stop below Friday's low (or previous resistances) @56 should be a good R/R for a long position.
Descending WedgeLooking for resistance around 200 period SMA, and a follow through of the existing descending wedge to the downside.
ABBV Day Trade Gap N Go (Brad Reed Mar5,2015)ABBV expected to open at 56.73 for a Gap N Go. To learn to trade this strategy for free go to www.RealLifeTrading.com
ABBV anticipating more bullish activityABBV probably more upside, as it's broken 200EMa once again. This action has happened a number of times and not yet failed. Arguably a morning star signal depending on your perspective, but for arguments sake it is a doji gap up scenario, with both scenarios being very bullish.
Thanks. Tom
Abbvie $ABBV Switching to Higher Gear for a Break OutDear Fellow Risk Takers,
Happy New Year and I bid all of you a very profitable 2015 ahead.
Here’s my first Break Out Trading Idea for 2015.
Price for ABBV has been trading along a gentle and steady upwards channel, from April 2014 to Nov 2014. Current price action has broken above the upper channel line.
In other words, price was gently bullish and now shows intention to become very bullish.
Next I would like to draw your attention to the RSI (14) indicator.
You will note the RSI low at corresponds to a price of $52.50 and the next RSI low at matches a higher price of around $64.50.
In other words RSI(14) is reaching oversold levels at a much higher price level, which indicates a bullish signal.
Current price pattern is potentially a classic wave pattern, with Impulse Wave 1 and Retracement Wave 2 defined. If price breaks out on the upside, it is likely to form Impulse Wave 3 (strongest wave).
We can only confirm this from hindsight, however we simply cannot rule out this possibility.
From and we project that price is likely to break out higher and potentially form Wave 3 of the Elliott 5 wave pattern.
Long Entry Condition> Any time from now as long as price stays above 67.00
Stop> Below $64.00
Take Profit Method 1> When price is close to reaching $80.00
Take Profit Method 2> When RSI(14) is close to reaching 77.0000
Time Limitation> All long positions should be closed by 24 Feb 2015.
If the break out move is genuine, Price should reach the Take profit levels by 24 Feb 2015.
Risk:
There is a risk that new market information, available during the Earnings Release on 30 Jan 2015, may negatively affect the price action.
There is also a risk that this is a false break out where price will face strong resistance at $69.00 levels resulting in no breakout momentum.
Using Support and Resistance Levels of Relative Strength Index> Technical Analysis for the Trading Professional by Constance Brown, Chapter 1: Oscillators Do Not Travel between 0 and 100.
Elliott Wave> stockcharts.com
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ABBV too early to tradeMany traders like to trade IPOs and new stocks as the volatility is considered to offer good opportunity.
But as a technical trader I find it difficult to trade a stock for which there is less than 5 years data. There is a limited history of how the stock reacts to events - which makes them difficult to analyse.
In the case of ABBV a pattern is now beginning to emerge. The trend is clearly up with deep and frequent pullbacks. For a longer-term trader positions would spend more time in negative equity than positive so we would by-pass this one.
However, this stock may well settle down into a more simple pattern to trade (i.e. a more linear trend) at a later date. For now, however, it is not possible for me to make a good, informed decision. Not every breakout is an opportunity.
