Is ABBVIE INC Ready to Break Out of Its Range?

Our stock screener has spotted ABBVIE INC (NYSE:ABBV) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:ABBV.

Technical Analysis Observations

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, ABBV scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, ABBV has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, ABBV did better than 80% of all other stocks. On top of that, ABBV also shows a nice and consistent pattern of rising prices.
• ABBV is part of the Biotechnology industry. There are 573 other stocks in this industry. ABBV outperforms 71% of them.
• ABBV is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month ABBV has a been trading in a tight range between 191.27 and 199.95.

Check the latest full technical report of ABBV for a complete technical analysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:ABBV has a 9 as its setup rating:

Besides having an excellent technical rating, ABBV also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 195.53, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ABBV in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:ABBV be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.