EARN25

Top Stock Picks for 2023: AbbVie

A long-term trendline can help ABBV bounce

Managing Editor
Jan 6, 2023 at 8:00 AM
    facebook X logo linkedin


    Every day for the next week, we're going to highlight one of Schaeffer's top seven picks for 2023. First up, we have drugmaker AbbVie Inc (NYSE:ABBV). To access the entirety of the 2023 report, click here.

    The shares of pharmaceutical name AbbVie (ABBV) have outperformed in 2022, and the pullback on the stock’s weekly chart found support at the year-to-date breakeven level. The rising 50-week moving average has defined the intermediate trend since the stock’s low in 2020 as well, making now an ideal time to bet big on ABBV in the coming year.

    ABBV’s Relative Strength Index (RSI) on the weekly chart shows a move above the 50 mark, after previously being in an oversold condition. This comes just as the shares are breaking out of a bullish falling wedge pattern on the same chart. Analysts are mostly split on the equity, with 50% carrying a "buy" or "strong buy" and the remaining a "hold" or "strong sell." In simpler terms, this leaves plenty of room for upgrades in the weeks and months ahead.

    Lastly, options are certainly an intriguing route, per the security's Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 71 out of 100, which means ABBV has exceeded option traders' volatility expectations during the past 12 months.

    Top 2023 Picks ABBV

     

    You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

    That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

    Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

    It’s not just a signal.

    It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

    No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

    👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!