ABBV dominated by bulls lifting the market higher throughout the day

AbbVie Inc. (ABBV) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


ABBV pushes through key technical resistance level
ABBV dominated by bulls lifting the market higher throughout the day
ABBV closes higher for the 3rd day in a row
ABBV pushes through Wednesday's high


Moving higher for the 3rd day in a row, ABBV ended Thursday at 73.83 surging $5.92 (8.72%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 70.68, the share confirmed its breakout through the prior session high after trading up to $3.63 above it intraday.

Daily Candlestick Chart (ABBV as at Mar 26, 2020):

Daily technical analysis candlestick chart for AbbVie Inc. (ABBV) as at Mar 26, 2020

Thursday's trading range has been $5.55 (8.06%), that's slightly above the last trading month's daily average range of $5.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ABBV.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 71.82 (now S1), which is likely to act as support going forward. The last time this happened on March 4th, ABBV actually lost -1.24% on the following trading day. Prices are trading close to the key technical resistance level at 77.06 (R1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for AbbVie. Out of 202 times, ABBV closed higher 53.96% 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 60.40% with an average market move of 0.68%.

Market Conditions for ABBV as at Mar 26, 2020

Loading Market Conditions for ABBV (AbbVie Inc.)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when AbbVie Inc. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!