You could say GILD replaced ABBV after I took its profit and now ABBV is back after I took GILD’s profit. It may sound slick, but it is really just late stage bull market trading; reaping here, planting there and managing risk and limiting losses everywhere.
ABBV pulled back, almost as if on command after it hit our 1st target of 75. The SMA 50 has provided support the last two times and I’d like to see three as a charm.
Here’s the weekly chart that has appeared in the NFTRH+ Notes & Charts segment each week for a few months now. The risk is that ABBV would do a full-on test of the big breakout support area. I’d not ride that.
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