AbbVie (NYSE:ABBV) is nearing a key resistance level. If that level is surpassed, a breakout is expected.AbbVie, Inc. (ABBV) is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus and human immunodeficiency virus; neurological disorders, such as Parkinson's disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.
Take a look at the 1-year chart of AbbVie (ABBV) below with my added notations:
Over the past few months, ABBV has stalled at $118 as resistance (red) multiple times, while also forming a possible trendline of support (green). Together, these two lines have created an ascending triangle pattern.
