AbbVie (ABBV) , the research-based biopharmaceutical company that was spun off from Abbott Laboratories (ABT) in 2013, has made an impressive move higher the past nine years. Recently, ABBV pulled back from an April high but the correction is showing signs it is over.
Should you be a buyer? Let’s check the charts.
In the daily bar chart of ABBV, below, we can see that the shares declined below the 50-day moving average line and its slope is cresting. The 200-day moving average line is still rising.
The On-Balance-Volume (OBV) line has moved sideways while prices declined and tells me that traders did not become aggressive sellers and I consider that a positive development. The Moving Average Convergence Divergence (MACD) oscillator quickly declined below the zero line but is now starting to improve.