To The Moon

$AbbVie(ABBV)$

AbbVie (ABBV Stock)

First, AbbVie Inc. (ABBV is a research-based biopharmaceutical company. In brief, AbbVie discovers, develops, and markets both biologic and small molecule drugs. The company focuses on treating conditions such as chronic autoimmune diseases, cancer, virology, and neuroscience. AbbVie Inc. was founded in 2013 after AbbVie split from Abbott Laboratories (NYSE: ABT. Aside from that, just this past week the company announced it declared its quarterly dividend.

In detail, AbbVie’s Board of Directors declared a quarterly cash dividend of $1.41 per share. What’s more, since the company was founded in 2013, AbbVie has increased its dividend to shareholders by more than 250%. Separate from that, in July the company announced a beat for its 2nd quarter 2022 financial results. Getting straight to it, AbbVie reported revenue for the quarter of $14.6 billion. Meanwhile, they posted earnings of $3.51 per share. For context, the analysts’ consensus estimates for the quarter were earnings per share of $3.42 and revenue of $14.6 billion.

So far in 2022, ABBV stock has outperformed the broader markets up 4.43% on the year. Going into the trading week, shares of ABBV stock are trading at $141.40 per share. With this in mind, will you be adding ABBV stock to your list of biotech stocks to watch?

AbbVie Stock Technical Analysis

The AbbVie stock price gained 0.64% on the last trading day (Friday, 9th Sep 2022), rising from $140.52 to $141.42. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.48% from a day low at $140.10 to a day high of $142.17. The price has been going up and down for this period, and there has been a 1.5% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 440 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $626.00 million.

The stock lies in the middle of a falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -7.61% during the next 3 months and, with a 90% probability hold a price between $123.16 and $133.54 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Signals & Forecast

The AbbVie stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $138.20 and $141.14. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 31, 2022, and so far it has risen 5.18%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss

AbbVie finds support from accumulated volume at $140.34 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

$140.34 $141.42 $143.51

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.07 between high and low, or 1.48%. For the last week the stock has had daily average volatility of 2.10%.

Our recommended stop-loss: $134.96 (-4.57%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations For The Upcoming Trading Day Of Monday 12th

For the upcoming trading day on Monday, 12th we expect AbbVie Inc to open at $141.23, and during the day (based on 14 day Average True Range), to move between $138.65 and $144.19, which gives a possible trading interval of +/-$2.77 (+/-1.96%) up or down from last closing price. If AbbVie Inc takes out the full calculated possible swing range there will be an estimated 3.91% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $140.34 (0.76%) than the resistance at $143.51 (1.48%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Insiders are negative selling more shares than they are buying in AbbVie

In the last 100 trades there were 802.03 thousand shares bought and 1.7 million shares sold. The last trade was made 74 days ago by Rapp Edward J who bough 237 shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.

Is AbbVie Inc stock A Buy?

AbbVie holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.