NORTH CHICAGO, IL – Shares of pharmaceutical giant AbbVie Inc. (ABBV) ended the week on a down note, closing significantly lower after a promising morning rally was erased by sustained selling pressure throughout the afternoon. This bearish momentum suggests the stock could face further headwinds at the start of next week.
AbbVie’s stock closed the session at
1.34 (0.70%). The trading day started with optimism, as the stock climbed from its open of $191.56 to a daily high of $193.47 before noon. However, the upward move was short-lived.
From its peak, the stock entered a steady decline that lasted for the remainder of the session, eventually hitting a low of $190.29. While it managed a slight bounce from that low before the bell, the recovery was minimal. The after-hours session showed no activity, with the stock remaining flat, indicating a lack of immediate buying interest.
Analysis for Monday:
The technical picture for AbbVie entering Monday is decidedly weak. The stock’s inability to hold its early gains and the consistent downtrend for most of the day are strong bearish signals. This pattern indicates that sellers are in control and that momentum has shifted to the downside.
The flat after-hours trading does nothing to counter this negative sentiment. Therefore, investors should be prepared for the likelihood of continued downward pressure on Monday. The key level to watch will be the day’s low of $190.29. A break below this support could open the door for further declines as the new trading week begins.
