Leading pharmaceutical giant, Abbvie Inc (ABBV), is now on my trading radar for a potential longside trade. Abvie stock topped out on July 17th, 2020 at $101.28 a share. Since that pivot high, the shares have steadily declined and now trade around the $88.00 area. The pharma giant has been pulling back for nearly 3 months, working off a very overbought condition on the larger time-frame charts.
The next major support level for Abbvie stock will be around the $82.00 level. This is where there is a major retrace level in the stock from the March 2020 lows to the July 2020 top. It is also a support area where the stock broke out in early May 2020. Often, prior break-out levels will serve as excellent support when initially tested. I will be waiting to see how Abbvie stock trades into this important support area for a buying opportunity. Please remember, ABBV stock will report earnings on October 30th, 2020 before the opening bell.
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