Long

$ABBV AbbVie Inc. - Double Bottom, Bullish Options Activity

AbbVie Inc. - Looking like a possible double bottom just under $86 after about a two month bear move.
Expecting a strong move in the near term once this can clear the 200d ema (currently ~$89.00). Note: earnings upcoming, expected 10/30/20.

Huge Bullish Options Flow in this name today:
122M in January'21 calls traded today (varying strikes, most deep ITM), on avg 8x OI - 58k contracts in total. Definitely looks like a large hedge fund trade.

Positive fundamental news out today (possible driver of bullish options activity):
"The National Institutes of Health said [AbbVie] is running a mid-stage clinical trial evaluating a monoclonal antibody it developed with the privately held Boehringer Ingelheim in combination with remdesivir as a COVID-19 treatment."
Source: MarketWatch.com -> marketwatch.com/story/nih-to-test-abbvie-boehringer-ingelheim-drug-in-combination-with-remdesivr-2020-10-13

Medium term target: $107 by year-end

Note: This is NOT investment advice.

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