Chart of the Week: AbbVie
This week we’re going to be focusing on biotech pharmaceutical name AbbVie, symbol ABBV – try to say that three times fast.
Let’s take a look at the chart and see what we can figure out here. We are going to look at two different charts today, both on the daily but two different formats.
Take a look at this beautiful rise in price on AbbVie here since the beginning of December. A lot of these stocks we’ve had since the market rallied from the beginning of November had really hit their bottom at the end of October. This one was a little bit of a late mover here, but it really took off in a big way.
The really impressive part of this chart is the big move up of off that bar and a big move up off of this bar. This is enormously bullish.
You can see that money flow has been real positive here. The stock continues to make higher highs and higher lows. That is the textbook definition of an uptrend.
Let’s take a look at the Chaikin analytics here and why I’m so bullish on it. Of course, they report earnings later next week, on February 2, before the market opens. The Chaikin analytics has this rated as very bullish. Industry is strong, trends are strong.
Take a look at the indicators here. You can see that Chaikin money flow remains strong. Overbought/oversold has come down a little bit here. Relative strength is solid, and we see that power gauge is on green and has been since the beginning of December.
This is a stock that’s in a really strong uptrend. I think even if it pulls back to the low $160s – it’s at about $165 right now – $160 or $161 would be a great opportunity to add some shares of AbbVie.
I’l be looking at some calls later on this week and maybe end of next week for the stock to take off back to all-time highs, which is back in April – May of 2023.
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