ABBV 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
