ABBV dominated by bears dragging the market lower throughout the day
AbbVie Inc. (ABBV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ABBV ended the week 1.91% higher at 94.05 after losing $1.30 (-1.36%) today on low volume, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ABBV as at Feb 14, 2020):
Friday's trading range has been $1.52 (1.6%), that's slightly below the last trading month's daily average range of $1.87. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ABBV.
One bearish candlestick pattern matches today's price action, the Black Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for AbbVie. Out of 200 times, ABBV closed higher 52.50% 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 59.50% with an average market move of 1.18%.