ABBVIE Inc (ABBV)
Technical Analysis – Recent Catalyst:-
- Company is planning to acquire pharmacyclics (PCYC)
- Moreover, there is lots of buyers already in the trade, its short percentage float is only 1.30% means only 1.3% shares are short in the markets.
- Health care sector is booming a lot, and the mergers are having great impact on the stock prices as seen with MYL, last week.
Weekly Chart
Stock retraced 38.2 level crossed 50 and now at 61.8 level forming a support, in an up trending fashion. Could move to $70.
Daily Chart
Just broke double top forming a support at $61.78,
Target:-
$70
Description
AbbVie Inc. (AbbVie) is a global research-based pharmaceuticals company. The Company’s products are used to treat chronic autoimmune diseases, including rheumatoid arthritis, psoriasis, and Crohn’s disease; human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease, and complications associated with chronic kidney disease and cystic fibrosis, among other health conditions, such as low testosterone. AbbVie’s portfolio of products includes HUMIRA, Synthroid, AndroGel, Creon, Kaletra, Norvir, Lupron, Niaspan, TriCor, TRILIPIX, Synagis, Duodopa, Duopa, Zemplar and Sevoflurane AbbVie also has a pipeline of new medicines, including more than 20 compounds or indications in Phase II or Phase III development across medical specialties as immunology, virology/liver disease, oncology, renal disease, neurological diseases and women’s health. It markets medicines in approximately 170 countries. – NY Times
Sources:-
http://www.noodls.com/view/2D80D986CAAB3105EE2DC59ED5DE85BBCF3A2140
http://www.google.com/finance?q=NASDAQ%3APCYC&ei=ZzM0VenIFIPMrgHq1YFA
