AbbVie shot up on the open this morning with a really nice surge.
The stock had been enjoying a beautiful uptrend but hit some turbulence in March. With today's move above the recent base, this looks set to resume.
The volume was exceptionally strong with over 10 million shares traded. Some of the nice technical features include the tight trading range before this recent pop. The MACD is pushing higher off a momentum low in early April.
Quite a few of the former winners are starting to break higher. This looks set to continue. A recommendation for the stop could be placed below the consolidation level of $89.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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