In today’s edition of the Daily Stock Report, we are going to take a look at AbbVie Inc (ABBV) which we have not highlighted since all the way back in November of 2019. AbbVie Inc. has risen in the SIA S&P 100 Index Report moving up 4 spots in the last month and 10 Spots in the last quarter. Currently the shares occupy the #1 spot in the SIA S&P 100 Index.
AbbVie shares have continued its relative strength move that saw it climb out of the Unfavored Zone in December of last year and then moving into the Favored zone of the SIA S&P 100 Index report on January 10th at a price of $134.99. Today, the shares are at $156.18 representing a 15.7% gain in less than 4 months’ time. In looking at the Candlestick Chart, we see that the shares broke out of its sideways consolidation back in December of 2021 when it moved out of the Unfavored zone and then shortly after moving into the Favored zone as a new leg higher emerged carrying its shares into new all-time high territory at around the $175.00 level. Most recently the shares have pulled back along with the overall market and the shares now sit at approximately the $156.00 level. It is approaching a near term support level at approximately the $150.00 area. Resistance can be found at its most recent high near the $175.00.
In the Point and Figure chart, we see the shares had an extremely strong move which started in November of last year ultimately leading to its all-time high it achieved earlier this month at approximately the $177.00 area. Since then, the shares have pulled back and currently support can be found at the 50% retracement level of approximately $142.67 and, below that, the 67% retracement level of $ $131.80. Resistance can be found at the recent high of $177.39
With a SMAX score of 5 the shares are exhibiting near term weakness against the asset classes due to its recent pullback along with the overall equity markets. It will be interesting going forward if this near-term weakness continues or if the shares manage to hold it upcoming support levels.
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