Pharmaceutical stock AbbVie Inc. (ABBV) declined to $88.15 today, triggering our sell stop to close out our long idea, first mentioned in an August 7th Asbury Alert entitled AbbVie Inc. (ABBV) Resuming Its 2017 Advance (access requires subscription), to capture a 24% gain in 29 business days. ABBV came within $1.31 or 1.5% of reaching our $91.00 target as stated in our August 7th report.
ABBV outperformed the S&P 500 (SPX) by 22.7% during this same period.
Editor’s Note: Our price target being met does not necessarily mean that the directional move is over, only that our initial expectations have been reached.
Here is the chart that appeared in our August 7th report.
Here is the updated version of that chart through this morning.
We publish these notifications for 3 reasons:
- to let Asbury Research subscribers know when to consider taking profits on existing positions,
- to let non-subscribers track what we are doing in the market, in real time, and
- to make everyone aware of a potential upcoming price reversal as price advances often end as upside targets are met and more savvy investors take profits.
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