Hey Traders,
Navigating AbbVie Inc. (ABBV): A Tale of Support and Signals
AbbVie Inc. (ABBV) is like a ship sailing through channels of opportunity, and we've decoded the signals for you.
Current Situation:
Channel Top Test: Imagine (ABBV) as a ship nearing a critical point in its journey, represented by a channel top. This point is resilient, holding strong against buying pressures throughout February.
What to Expect Next:
Potential Downward Move: But, as with any journey, there's a possibility of a descent. (ABBV) might descend to a near-term support level.
Caution Flag: If there's a weekly settlement below this support level, consider it a caution flag. It signals increased selling pressures, potentially leading to losses of around 20% within the next 2 - 3 months.
On the Flip Side:
Upward Potential: However, there's an alternate route. A weekly settlement above the channel top is like catching a favorable wind. It puts (ABBV) on a buy signal.
Opportunity Beckons: This could pave the way for gains of approximately 20% over the following 4 - 5 months.
Your Trading Compass:
Decision Time: With these signals, you hold the compass. Will (ABBV) face a storm, or will it sail smoothly into potential gains?
In the world of trading, understanding these signals is your navigation tool. Stay informed, make wise decisions, and navigate the market seas with confidence!
Happy Trading!
Anthony Speciale
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