On Wednesday, AbbVie got an upgrade to its Relative Strength (RS) Rating, from 68 to 72. While it is on the right track, 80+ is what we are looking for.
When searching for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique rating tracks share price action with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the last 52 weeks compares to all the other stocks in our database.
Over 100 years of market history shows that the best-performing stocks tend to have an RS Rating north of 80 as they launch their biggest runs. See if AbbVie can continue to rebound and hit that benchmark.
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AbbVie is trying to complete a flat base with a 168.21 entry. This pattern has formed after a recent cup with handle pattern failed. See if the stock can continue moving in a positive direction and then break out in heavy volume.
AbbVie posted 17% EPS growth in the latest quarterly report. Sales increased 2%.
AbbVie earns the No. 4 rank among its peers in the Medical-Ethical Drugs industry group. Takeda Pharmaceutical ADR is also among the group's highest-rated stocks.
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