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AbbVie is on the Verge of a Breakout

AbbVie (ABBV) is nearing a key resistance level. If that level is surpassed, a breakout is expected.

This story originally appeared on StockNews

AbbVie (ABBV) is nearing a key resistance level. If that level is surpassed, a breakout is expected. - StockNews

AbbVie, Inc. (ABBV) 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, including hepatitis C virus and human immunodeficiency virus; neurological disorders, such as Parkinson's disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

Take a look at the 1-year chart of AbbVie (ABBV) below with my added notations:

Over the past few months, ABBV has stalled at $118 as resistance (red) multiple times, while also forming a possible trendline of support (green). Together, these two lines have created an ascending triangle pattern.

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Eventually, ABBV will have to break either the $118 resistance or the triangle's trendline support. A long trade could be made on a break above $118. A break below the trendline would be an opportunity to enter a short trade.

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ABBV shares rose $0.55 (+0.47%) in premarket trading Wednesday. Year-to-date, ABBV has gained 12.66%, versus a 16.29% rise in the benchmark S&P 500 index during the same period.

About the Author: Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing.


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