Here's Where I'll Buy AbbVie
InTheMoneyStocks.com | Jan 30, 2019 03:14PM ET
AbbVie (NYSE:ABBV) has been sliding lower since early December 2018. Back then, the stock traded as high as $94.98 a share. Today, ABBV stock is trading around $77.70. In the near term, the shares are oversold so a short-term bounce from an oversold condition is possible. However, when I look at the bigger picture, the stock is in a downtrend and has fallen below all of its important daily chart-moving averages. This tells me that we need to look lower before finding a major bottom in the stock price.h3 Watch This Level/h3
One level that stands out is around $66, which is where AbbVie broke out to the upside in June 2017. Traders should keep this level on their radar for a long side trade and a potential major bottom in the stock.
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