ABBV closes higher for the 5th day in a row
AbbVie Inc. (ABBV) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ABBV ended Wednesday at 80.79 gaining $0.86 (1.08%), outperforming the S&P 500 (0.3%).
Daily Candlestick Chart (ABBV as at Feb 13, 2019):
Wednesday's trading range has been $1.03 (1.28%), that's far below the last trading month's daily average range of $1.98. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ABBV.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the nearby swing low at 78.57 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for AbbVie. Out of 45 times, ABBV closed higher 57.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.00% with an average market move of 0.41%.