Pharma biggie AbbVie (ABBV) reported to shareholders and analysts an earnings beat and a revenue miss Friday morning. Let’s check the condition of the charts and indicators to see if some action is needed.
In this daily bar chart of ABBV, below, we can see how the shares corrected lower from April and then bottomed out in the June to late September period. The shares firmed again in October and are now trading above the rising 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line declined from April to the end of August and then began a rise as traders shifted from being aggressive sellers to aggressive buyers. The Moving Average Convergence Divergence (MACD) oscillator turned bullish again from the middle of October.