Abbvie Inc On The Radar, Watch This Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Oct 13, 2020 at 12:04 PM EDT

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.

Leading pharmaceutical giant, Abbvie Inc (ABBV), is now on my trading radar for a potential longside trade. Abbvie 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.

(Click on image to enlarge)

Disclaimer:

All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.