AAL

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

     

    Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

    Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

    But this isn’t just another stream of alerts.

    It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

    No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

    And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

    👉 Start your one-month trial now for just $10, and be ready for the next trade alert.