AbbVie (NYSE:ABBV) peaked in January at $125.86 a share. Since that pivot top in the stock price, shares have tumbled. Today, ABBV is trading around $93. Traders should note that ABBV shares tested the important 200-day moving average Tuesday and the stock is holding above it so far.
Key Support
If the stock breaks below this key support level it will signal a further decline in the near term. AbbVie's next key support is going to be around the $82 level. That's where the stock broke out in September 2017. Often, prior break-out levels serve as solid support when retested.