ABBV dominated by bulls lifting the market higher throughout the day

AbbVie (ABBV) Technical Analysis Report for Jul 13, 2018

Highlights

ABBV dominated by bulls lifting the market higher throughout the day
ABBV closes higher for the 2nd day in a row
ABBV ends the day on a bullish note closing near the high of the day
ABBV pushes through previous session high

TQ Sentiment

Report Sentiment:
75% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving higher for the 2nd day in a row, ABBV finished the week -0.3% lower at 96.63 after gaining $1.02 (1.07%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 95.67, the stock confirms its breakout through the prior session's high having traded $1.19 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ABBV

Volatility

Friday's trading range was $1.92 (2.02%), that's slightly above last trading month's daily average range of $1.84. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Trend

Though AbbVie is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for AbbVie

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