$ABBV has been in a “Go” trend since December of last year.
During that time, we have seen a series of higher highs and higher lows. During late January, we saw price consolidate within the trend and move mostly sideways. When GoNoGo Oscillator fell to test the zero line from above we knew that it needed to find support at that level for the trend to remain healthy. It did just that and propelled price to new highs. After another strong move higher, we saw Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term. Now, a week later, GoNoGo Oscillator has tested the zero line again and found support. This is another good sign as we can confidently say that momentum is resurgent in the direction of the “Go” trend. We will look for price to make an attempt at new highs over these next few days.
