ABBV trade ideas
$ABBV - I'm a fan Little extra, but put in both ABCD 61.8% fib corrections just to show definitive correlation for each re-trace. Definitely think that touch of the 50% is needed for an upward swing, but long term I can definitely see a 161% (200% on MA fib) move back up towards $115. Still pretty choppy price action, so my best bet would be to wait until @ or crossing over that $102 (blue WMA) area. Great setup tho
ABBV ABBV is a very high quality stock. It never missed an earnings estimate. Accordingly, my homebrew stock valuation system gives it pretty high scores quality-wise.
"val2_k": 5,
"val2_q": 8,
"qual2_k": 60,
"qual2_q": 51,
"qual3_k": 59
TA wise, It does seem like ABBV is finishing wave 2 and starts making into 3 of (5) of III. Lots of long term potential for this stock.
Though it seems like wave 2 ended at exactly 50% of wave 1, historically, this stocks has shown that wave 2 can retrace upto 76.4% of wave 1. In short, ABBV can find short term low anywhere from 93 to 98 before mooning.
Long term target for wave (5) of III is estimated at $145. A nice 45% potential.
ABBV - when having all your eggs in one basket works outAbbVie's bread winner is Humira - this drug accounts for the majority of their revenue. However, they did forecast that by 2020, revenue from Humira will be $21B - which is about 75% of their 2017 revenue of $28.22B.
Since AbbVie depends so heavily on their flagship, their stock is fairly volatile, giving this play more of a risk. Consider well-hedged positions (like married puts), or at least ITM leap calls.
"Trade what you see not what you think" Bullish SentimentInterest in this market
ABBV stock- Strong area of support that rallied up to the $125s which clearly shows institutional interest within the 94-98 zone.
1-3 risk to reward whilst still keeping an eye on 85s
Reason for opposing catalyst
Retail Investors had all the there chips in hoping for accelerated approval for the drug Rova-T (Drug) which they forked out just shy of $6 billion for Stemcentrx, (Defeating the purpose of the acquisition)
Risk management
Cut losses quickly
Wait till price action breaches more into the level to buy cheaper
#ABBV #short #stockon the daily chart ABBV has formed a triple top or as I like to say a three kings formation. MACD is leading down. OBV is neutral. stoch rsi is leading down. with a 4 RRR this is a pretty good trade.
weekly
trend is up, however there is a congestion zone on the far right of the chart. macd is crossing down. OBV is rolling over. stoch rsi leading down.
monthly
trend is up and so are all indicators