Here is why Technicals Are a BEAR on AbbVie Inc. (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) fell by -0.76% in Tuesday’s trading session from $90.39 to $89.70. The price has fallen in 5 of the last 10 days, but is still up by 3.86% during the last two weeks. There was a decrease in both volume and price. This is usually interpreted as a good sign as traders widely believe falling stock should see declining volume. Traded activity experienced a fall of -1.59 million shares and in total 4.29 M shares exchanged hands for about $384.43 million.

Inside ABBV’s Recent Trend

AbbVie Inc. (ABBV) lies in the middle of a wide and strong rising trend in the short term and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 26.13% over the course of a quarter and, with 90% chance the price will be floating in the range of $100.48 and $117.62 in this timeframe.

AbbVie Inc. Technical Signals

ABBV has witnessed its long term and short term MA triggering a buy signal. Many traders watch for short-term averages to cross above long-term averages to signal the beginning of a uptrend. Upon corrections, the price will meet support from the averages between $87.79 and $80.54. A break down through these support points will trigger sell signals. Some other technical concerns emerged as well, putting in risk the future growth of the stock in the next couple of days. Its pivot point high generated sell signal on Monday October 02, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. The downbeat movement of both volume and price during the recent session is interpreted as a good sign because traders usually believe falling stock should see declining volume.

AbbVie Inc. (NYSE:ABBV) Support And Resistance Levels

AbbVie Inc. (ABBV) recorded volume accumulation so there will probably be a surplus of buyers at $88.96. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $90.39.

Accumulated volume is going to prevent the price from rising further at $90.39 and this action will lead the price to take a temporary pause or stay muted for a few days.

AbbVie Inc. (ABBV) Risk Assessment

A volatility based measure Bollinger Bands suggests this stock poses high risk. In the most recent session, the stock price hovered around $1.62 between high and low, or 1.82%. The average volatility for the past week stood at 2.67%.

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