Swing Trade Idea (ABBV) 2-19-2021
Our bullish trade for Friday, February 19th is Abbvie Inc (ABBV). ABBV is part of the Healthcare Sector (XLV). XLV has experienced a 1.73% decline in the last month and its 6M trend turned bullish on Nov 4th 2020.
ABBV has recently pulled back to an area of support and bounced higher with strong momentum providing a good risk/reward for a long entry. Its 6M trend turned bullish on Feb 17th 2021. With a technical score of 3 (out of 10), ABBV is a weak stock that will likely move higher.
As a stop loss, if ABBV were to trade below $102 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also consider cutting losses on this options trade if the value of the vertical spread moves above $4.60.
