Stock Markets Analysis and Opinion

Is AbbVie Ready for a Bullish Turn?

2024.12.17 02:29

AbbVie (NYSE:) is a global biopharmaceutical company that specializes in the discovery, development, manufacturing, and marketing of advanced medicines. 

AbbVie focuses primarily on immunologyoncologyneuroscience, 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. AbbVie Inc-Daily Chart

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.  

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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