Don't Ignore This Chart

AbbVie Surges (ABBV)


AbbVie shot up on the open this morning with a really nice surge.

The stock had been enjoying a beautiful uptrend but hit some turbulence in March. With today's move above the recent base, this looks set to resume. 

The volume was exceptionally strong with over 10 million shares traded. Some of the nice technical features include the tight trading range before this recent pop. The MACD is pushing higher off a momentum low in early April. 

Quite a few of the former winners are starting to break higher. This looks set to continue. A recommendation for the stop could be placed below the consolidation level of $89.

Good trading,
Greg Schnell, CMT, MFTA

Enjoy this article? Hear more from Greg Schnell at

August 10th & 11th, 2018

See how the experts are protecting themselves from market volatility and reducing risk in uncharted waters

Join us online this August for two full days of investing insights, charting wisdom and market commentary from the industry's leading technicians. Streaming live wherever you are, you'll learn exactly how the experts are navigating the market's changing tides and remaining profitable in all conditions.

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
Subscribe to Don't Ignore This Chart to be notified whenever a new post is added to this blog!
comments powered by Disqus