We reviewed the charts of ABBV on Dec. 7 and wrote that “The bulls are back in charge with ABBV. Prices are pointed higher. Trade ABBV from the long side risking to $114. The $133 area is our first price target.” Our second target of $162 was reached the other day.
Let’s check the charts once again.
In the daily bar chart of ABBV, below, we can see that the shares have been in a strong rally since September. Prices are above the rising 50-day moving average line as well as the rising 200-day line. The trading volume has been more active since September than before September. The On-Balance-Volume (OBV) line shows a rise the past 12 months telling us that buyers of ABBV have been more aggressive than sellers.
The Moving Average Convergence Divergence (MACD) oscillator is pointed up but it has narrowed and could cross to the downside for a take profit sell signal.