Sports.
Paris.
Samsung.
These 3 topics are flooding my social media newsfeed.
What do they have in common?
Yes, the Olympics in Paris.
Samsung is the official sponsor of this Olympics, and each athlete is given a Z Flip 6 phone.
That’s a genius marketing tactic, do you think so?
Switching back to the stock market, did you notice these sectors gaining strength?
This week’s #PowerStocks pick belongs in 1 of these sectors.
But before we analyze it, shall we have a review of the #PowerStocks picks shared in July 2024?
- Carnival Corp: Gain of 8.5%
- Royal Caribbean: Gain of 9.6%
- Zscaler: Loss of 6.9%
- Jefferies Financial: No entry
If you’d followed the #PowerStocks picks shared in July, you’d be up by 3.7%.
This beats the 0.23% drop in the S&P 500.
Are you curious how I’ve uncovered these explosive stocks that consistently outperform the stock market?
I share the framework in my masterclass, The Art of Explosive Profits. Join hundreds of students and enjoy profiting from the market repeatedly, safely, of course!
Let’s review last week’s stock pick: Jefferies Financial (JEF).
Review Of Last Week’s Pick Of The Week
Jefferies Financial was our #PowerStocks pick for last week.
Its share price has shot up by 24.8% before a pullback.
And I was expecting a much deeper pullback before its next explosive upmove.
However, this didn’t happen.
Instead, its share price has run up 4% in the past week.
That’s ok! Let it go and not chase it.
Shall we now analyze this week’s stock pick: AbbVie (ABBV)?
Why Is Swing Trading AbbVie (ABBV) Worth It?
Source: investors.abbvie.com
AbbVie is a biopharmaceutical company that focuses on the development and sale of pharmaceutical products.
Its shares are well-loved by the market, and has been enjoying explosive upmoves.
Given its strong performance, it’s no wonder the share price of AbbVie has risen more than 2x against the S&P 500 in the past 3 months.
A pullback may be near, presenting an opportunity for an explosive swing trade.
What’s the game plan?
Continue reading to get the details.
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Performance Of US Stock Market vs AbbVie (ABBV)
Can you tell that the share price of AbbVie and the S&P 500 are in a strong uptrend?
Knowing that they are in an uptrend, you’ll want to look for buying opportunities.
But should you consider the shares of AbbVie?
Here’s a pointer to help you – relative strength.
From the comparison chart above, it’s clear that the share performance of AbbVie has been strengthening, outpacing that of the S&P 500 in the past week.
In the past 3 months, AbbVie’s shares have supremely exceeded the performance of the S&P 500 by 2x!
What shall we analyze next?
How Explosive Is AbbVie (ABBV)?
Let’s find out whether the shares of AbbVie have been explosive, to ensure that your trading capital work is likely to work hard for you.
AbbVie enjoys a mega market capitalization of almost $327b. With upmoves measuring between 4.1% and 12.9%, they are explosive!
This gives you the peace of mind that your money is likely to work hard for you, bringing you outsized returns in a short amount of time.
Here comes the million-dollar question.
Is it time to buy its shares for an explosive swing trade?
Key Price Levels
Should you buy its shares for a swing trade now?
At this stage of analysis, it’s time to uncover the key price levels of AbbVie’s shares.
Yes, key price levels are also known as support and resistance.
Can you see a support area around $180?
There’s a good chance of its shares returning to around $180 in the coming days. And when that happens, I will look for a bounce before buying them for an explosive swing trade.
You’ll want to wait for this scenario to take place to increase your chance of profitability.
Lastly, here’s a pro tip: Instead of staring at your screen, you may want to set a price alert on your broker’s platform to be notified so that you can spend precious time with your loved ones.
Finally, this is for educational purposes. Please perform your due diligence.
All images are taken from pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.
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Worse still, ~80% of traders lose money.
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