AbbVie Inc Price Prediction: Will ABBV Stock Descend to $122?

• AbbVie Inc (NASDAQ:  ABBV) price prediction shows that the stock is under the bearish influence
• ABBV stock reported a loss of 12.11% in the last year.
• ABBV stock is trading at a critical support zone of $133

AbbVie Inc.’s (NASDAQ:  ABBV) price prediction reveals that the stock price has fallen into the bear’s grip as the prices kept falling since April 2023. The ABBV stock price started a bullish recovery in September 2023, when the price rallied 24.43% to the resistance of $166.49. It was followed by a correction of 12.80% to the support of $143.59. After a second failed attempt, the price broke the support and fell to the current market price.

At the time of writing, AbbVie Inc closed its trading session on Thursday,13th July 2023 at $133.59. The market closed with a drop of 1.03% over the prior day.

Will AbbVie Inc. Decline Further to the Double Top Target?

 AbbVie Inc.’s stock price prediction reveals that the market is struggling with falling prices. The ABBV stock made a second attempt to break the resistance of $166.9 in April 2023 but failed and created a double top pattern, which allowed the bears to dominate. Since then, the price has witnessed a decline of 19.37%.

The price broke the neckline of the double top pattern and fell to a crucial support zone of $133. According to the pattern, the price target is way down at $122. The price action is suggesting that the ABBV stock price may try to hit the target price of the double top pattern if the bears breach the support level, thus triggering a panic sell-off.

The Price is Consolidating at a Critical Support.

On the 4-hour chart, the price is getting a consolidation at the support level as it moves in a range of $139.18 and $131.35. The ABBV stock price is trading below the 9, 15, and 200 EMAs, which is an indication that the sellers are controlling the market. The immediate support is at a critical level, as the ABBV stock price hasn’t gone below this level since January 2022.

The recent price action has induced fear in the market, and investors are worried about holding at these levels. The ABBV stock lost momentum and volume, hinting at a consolidation phase before the price tried to move in a specific direction. The more time spent here, the better the chances are that it may form a bear flag, which can become a trigger point for the sell-off.

RSI 

The RSI indicator is currently at 39.92. It Indicates that there is weakness in the market and the sellers are controlling the price. The price may keep sliding down until RSI goes above 50

MACD 

MACD made a bullish crossover below the 0 line. The price may move up or sideways but a strong move to the upside is only possible if the indicator crossed the 0 line.

200 EMA

On the 4-hour chart, the price is trading below the 200 EMA. It indicates that the market is under sell pressure and the bears are in control. The 200 EMA will act as significant resistance. ABBV price will continue to move down until it breaks below the indicator.

Conclusion

AbbVie Inc’s. (NASDAQ:  ABBV) price prediction reveals that the stock price has fallen into the bear’s grip as the prices kept falling since April 2023. The price broke down from the neckline of a double top pattern which increases the probability of a further decline. The ABBV price is getting consolidated at crucial support. Investors can wait for some strong signs of reversal, which are currently absent. It is best to handle the current situation with proper risk management.

Technical Levels 

• The nearest support level: $131.35
• The nearest resistance level: $139.18

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.