ABBV offers a very low risk daily trend signal entry, which can evolve into a weekly mean reversion move towards $153.80 by mid September or sooner.Stop loss area should be a bit below the daily uptrend mode @ 135.35 (where buyers accumulated shares at between June 30th and July 13th), as this level should hold as support and prevent the stock from going much lower if retested.
Daily trend only anticipates a roughly 2 week long uptrend, but over time it might form new trend signals indicating continuation. If your original bottom entry at the reversal here is never stopped you could just let this run till mid September and land a huge reward to risk profit.
Best of luck!
Cheers,
Ivan Labrie.
Trade closed: target reached
That was bang on.Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.