ABBV pushes through 50-day moving average
ABBV finished Thursday at 98.75 gaining $1.17 (1.2%). Trading up to $0.63 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $1.17 (1.19%), that's below last trading month's daily average range of $1.83. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Unable to break through the key technical resistance level at 98.77, the share closed below it after spiking as high as 98.92 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 98.92 during the day, AbbVie found resistance at the 200-day moving average at 98.85.
ABBV shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The stock managed to break above the 50-day moving average at 98.61 today for the first time since May 10th.
Selling might accelerate should prices move below the close-by swing low at 97.51 where further sell stops could get activated.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.
Market Conditions for AbbVie
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
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