AbbVie (ABBV) Coronavirus Sparks Rally – Feb 20th, 2020
S&P 500 Market Outlook: Bullish
Bullish Trade: ABBV $94.14 – Healthcare
OptionsPlay’s bullish trade for Thursday, Feb 20th is AbbVie (ABBV). ABBV is part of the Healthcare Sector (XLV). XLV has declined 0.48% lower over the past month and its 1m and 6m trend turned bullish on Feb 5th recently bounced higher off its $103 support level.
AbbVie’s 1m trend turned bullish on Feb 5th and recently broke above its $90 resistance level and pulled back to provide a good buying opportunity. With a technical score of 10 (out of 10), ABBV is a strong stock that will likely continue higher.
As a stop loss, if ABBV were to trade below $90 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. We also recommend cutting losses on this options trade if the value of the vertical spread declines below $1.15.
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