Abbvie (ABBV) – BioTech Gains Strength – Nov 26th, 2019
S&P 500 Market Outlook: Bullish
Bullish Trade: ABBV $87.76 – Healthcare
The bullish DailyPlay we chose for Tuesday, Nov 26th is Abbvie (ABBV). ABBV is part of the Healthcare Sector (XLV). XLV has rallied 7.98% higher over the past month and its 1m and 6m trend turned bullish on Oct 15th and recently broke above its $98 resistance level.
Abbvie’s 1m and 6m trend turned neutral and bearish on Oct 18th and recently bounced higher off its $86 major support level. With a technical score of 8 (out of 10), ABBV is a strong stock that will likely continue higher.
As a stop loss, if ABBV was to trade below $86 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.