The Greedy Trader Weekly Analysis
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Uptrend Broken Support

Uptrend Broken Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

Archive
- 5/31/2024 -
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AbbVie (ABBV) Technical Analysis

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Summary:
Weekly :Oversold sectorWilliams' Percentage Range and Lane's Stochastic are oversoldStochastic has raised above the signal line
Daily :A Parabolic SAR indicator is below and near the priceThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the AbbVie (ABBV). During the week, the ABBV gained 4.18 points, or 2.66%, and closed at 161.24 on Friday, May 31, 2024. Weekly volume was 44% above average.

ABBV is a member of Health Care Sector. Health Care is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ABBV long-term trend chart]
A long-term uptrend had started on June 28, 2023 at 130.96 and reached 182.89 on March 12, 2024. ABBV gained -51.93 points, or -39.65%, in 36 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 143.08 and resistance is at 196.07. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See ABBV medium-term trend chart]
A medium-term downtrend had started on March 12, 2024 at 182.89 and reached 153.58 on May 30, 2024. ABBV lost 29.31 points, or 16.03%, in 11 weeks. The price is now at the 26.13% retracement level.

Weekly Technical Indicators: [See ABBV weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is below its signal line since April 12, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.

Short-term trend: [See ABBV short-term trend chart]
A short-term uptrend had started on May 30, 2024 at 153.58 and reached 161.64 on May 31, 2024. ABBV gained -8.06 points, or -5.25%, in 1 days. Price is near the trend high.

Daily Technical Indicators: [See ABBV daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since May 23, 2024. The distance between MACD and the signal line is low and getting smaller.

A Parabolic SAR (stop and reversal) indicator (161.8) comes close to the price (161.24). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 51.03
Williams' Percentage Range (W%R) 76.20
Lane's Stochastic (%D-Slow) 21.52
Greed/Fear Indicator (GFI) 32.13
Moving Average Converg./Diverg. (MACD) -2.16
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 31.11
Williams' Percentage Range (W%R) 89.50
Oversold
Lane's Stochastic (%D-Slow) 15.79
Oversold
Greed/Fear Indicator (GFI) 22.08
Moving Average Converg./Diverg. (MACD) 4.16
Trading Signals
Description Value Chart
Upper Bollinger Band 167.11
50 Day Moving Average 166.16
Parabolic System 161.80
Price 161.24
20 Day Moving Average 160.91
Daily Stochastic Crossing 156.63
Weekly Stochastic Crossing 156.55
Lower Bollinger Band 154.57
Yearly Trendline Support 143.08
Sector and Industry
Description Name Rank
Sector Health Care 2
Industry Pharmaceuticals 51
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 153.58
Low Date 05/30/2024
High 161.64
High Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 153.58
Low Date 05/30/2024
High 161.64
High Date 05/31/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 166.46
High Date 05/17/2024
Low 153.58
Low Date 05/30/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 182.89
High Date 03/12/2024
Low 153.58
Low Date 05/30/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 196.07
Support 143.08
Low 130.96
Low Date 06/28/2023
High 182.89
High Date 03/12/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.