ABBOTT LABORATORIES (NYSE:ABT) Reveals Intriguing Technical Aspects. Here's What You Need to Know.

ABBOTT LABORATORIES (NYSE:ABT) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:ABT.

Technical analysis of NYSE:ABT

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, ABT scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, ABT is only an average performer.

• The long and short term trends are both positive. This is looking good!
• ABT is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so ABT is lagging the market slightly.
• In the last month ABT has a been trading in the 112.50 - 121.00 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When compared to the yearly performance of all other stocks, ABT outperforms 56% of them, which is more or less in line with the market.
• ABT is an average performer in the Health Care Equipment & Supplies industry, it outperforms 64% of 187 stocks in the same industry.

Check the latest full technical report of ABT for a complete technical analysis.

How do we evaluate the setup for NYSE:ABT?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:ABT has a 9 as its setup rating:

Besides having an excellent technical rating, ABT also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 120.05. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 116.53, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.