Don't Ignore This Chart

AbbVie Surges (ABBV)

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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

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com 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
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