December 16, 2024
Mish's Daily
By Mish Schneider
AbbVie Inc is a global biopharmaceutical company that specializes in the discovery, development, manufacturing, and marketing of advanced medicines.
AbbVie focuses primarily on immunology, oncology, neuroscience, and virology treatments, and it has a broad portfolio of prescription drugs aimed at addressing a range of medical conditions.
Humira (adalimumab), one of the world's best-selling drugs, used to treat various autoimmune conditions. However, Humira's patent expired in 2023, and AbbVie has been transitioning to a newer drug, Rinvoq in this space.
AbbVie develops treatments for various cancers, focuses on treatments for neurological and psychiatric conditions. 2 very popular drugs, (Allergan) and Botox (botulinum toxin) have various medical and aesthetic uses.
The chart is fascinating as the low-risk opportunity to invest in this dividend paying stock is emerging.
Currently trading under the 50 and 200-DMAs, the phase is distribution.
However, if you look left, you can see that ABBV made a low in November and since, has found some buyers.
The support level of $160 is the risk point.
Real Motion shows a mean reversion to the buyside could be happening.
Plus, the leadership indicator tells us that it is on support.
$172 is pivotal right now in a move and hold above looks compelling for a starter position.
Educational purposes only, not official trading advice.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media-Want to see more? All clips here
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Coming Up:
December 17 Malaysia Radio
December 18 CNA Asia
December 19 Live Coaching
December 23 Pre-Market Prep with Dennis Dick
Weekly: Business First AM
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) 604 support
Russell 2000 (IWM) Want to see this get back thru 240
Dow (DIA) 445 resistance
Nasdaq (QQQ) 520 support
Regional banks (KRE) 65 pivotal
Semiconductors (SMH) 250 cleared, now support with 260 point to clear
Transportation (IYT) Still weak and into the Fed decision. 68 key support
Biotechnology (IBB) 140 resistance 130 major support
Retail (XRT) 80 support 87 resistance
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 79.50 now the nearest support level
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