ABBV: Breakout/retest points higher

AbbVie (ABBV) has a bullish breakout and retest pattern as well as an improving trend with bottoming signs relative to the S&P 500. Staying above the breakout and retest zone at 219-211 along with the 38.2% retracement of the April-October rally at 214 would keep the pattern bullish for upside potential beyond the October peak at 244.81 toward the pattern count at 273.

Chart 1: AbbVie (ABBV) (top) and relative to the S&P 500 (bottom)