AbbVie is on the Verge of a Breakout – July 21, 2021

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.

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.

Author: Christian Tharp, CMT