1 ABBV stock bounced above the 20-day EMA in the last session. 2 Bulls regained their strength and showed their willingness to catch $150. AbbVie Inc. (NYSE: ABBV) stock showed a massive bounce surpassing the 20-day EMA mark with a volume spike in the last session. Recently, ABBV...
- 1 ABBV stock bounced above the 20-day EMA in the last session.
- 2 Bulls regained their strength and showed their willingness to catch $150.
AbbVie Inc. (NYSE: ABBV) stock showed a massive bounce surpassing the 20-day EMA mark with a volume spike in the last session. Recently, ABBV stock came into the news and surged because of the development in the stock. The company got approval from the European Medicines Agency Committee for their newly prepared Cancer therapy named “Epcoritamab” which led to a marked improvement in investor sentiment.
However, the stock escaped the consolidation zone and is now preparing for a rally beyond the hurdle of $150. The price action shows massive long additions and accumulation, suggesting the stock signals an upcoming rally above $150. Furthermore, the correction seems to end, and the stock is preparing for a reversal.
AbbVie, Inc. is a research-based biopharmaceutical company which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders.
The company was founded on October 19, 2011, and is headquartered in North Chicago, IL.
At press time, ABBV stock was traded at $142.19 with an intraday gain of 3.28%, showing a breakout in the overnight session. Furthermore, the trading volume increased by 2.34% to 7.01 Million, showing a massive accumulation of buyers. The market cap is $250.864 Billion.
As per the technicals and analysts’ ratings, ABBV stock maintained a buy rating and one-year target price of $166.
ABBV Stock Shows Breakout On Daily Charts
On the daily charts, ABBV stock shows a breakout and escaped the cage neckline above $140, which suggests a further rise for the following sessions.
The bullish marubozu candlestick formed in the last session was an early indication of momentum shifting and buyers’ traction. This suggests that bulls are readying their muscles to retest the round mark of $150.
As per the Fib levels, ABBV stock surpassed 38.2% and is headed towards neutrality at 50%, and the double bottom pattern was established on the charts, which shows bullish indications. ABBV share trades above the 20, 50-day EMAs but below the 100-day EMA.
The RSI curve sharply rose above the overbought zone forming a positive divergence, indicating a positive outlook for the following months.
The MACD indicator also shows a bullish crossover suggesting an upcoming rally.
Conclusion
AbbVie (ABBV) stock showed a breakout and escaped the 20-day EMA, suggesting an upcoming rally toward $150. Moreover, the bounce is a fresh indication of a trend reversal and that the buyers are gaining traction.
Technical Levels:
Support Levels: $135
Resistance Levels:$150 and $165
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