NEW YORK – Shares of pharmaceutical giant AbbVie Inc. (NYSE: ABBV) ended a volatile trading day in negative territory on Thursday, closing at
The trading session on June 13th painted a picture of a classic intraday reversal. AbbVie opened at
193.47**. However, momentum shifted midday, and the stock began a steady decline, ultimately hitting a low of $190.29 before a slight recovery into the close. The stock remained flat in after-hours trading, suggesting investors are taking a wait-and-see approach.
The closing price is now significantly below the previous day’s close of $192.42, a key level that may now act as technical resistance.
Outlook for Monday
With Thursday’s downward momentum, the outlook for AbbVie heading into next week appears cautious. Here are the key factors to consider:
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Bearish Sentiment: The stock closed much closer to its daily low than its high, and on significant selling pressure. This negative momentum could carry over into the next trading sessions. If the stock breaks below the day’s low of $190.29, it could trigger further selling.
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Support Levels Tested: While the stock fell, it did find some buying interest above the $190 mark. This level will be a critical support zone to watch on Monday. A failure to hold this support would signal a more bearish outlook for the short term.
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Fundamental Strengths: On the other hand, long-term investors may see this dip as a buying opportunity. AbbVie boasts a strong dividend yield of 3.43%, which remains attractive for income-focused portfolios. This could provide a floor for the stock price and attract value hunters.
Conclusion:
Given the strong downward trend at the end of Thursday’s session, the market for AbbVie is likely to open with a downward or cautious bias on Monday. Traders will be closely watching whether the stock can hold the critical **
163.52) in the longer term, while a strong bounce from this level could signal that the recent sell-off was temporary.
Disclaimer: This article is based on an analysis of past performance and technical indicators. It is not financial advice. Market conditions are subject to change, and investors should conduct their own research before making any trading decisions.
