ABBOTT LABORATORIES (NYSE:ABT) Technical Analysis observations.

A possible breakout setup was detected on ABBOTT LABORATORIES (NYSE:ABT) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:ABT.

Technical Analysis Observations

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall ABT gets a technical rating of 7 out of 10. Although ABT is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• 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.
• When compared to the yearly performance of all other stocks, ABT outperforms 55% 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 63% of 187 stocks in the same industry.
• In the last month ABT has a been trading in a tight range between 114.43 and 121.00.

Our latest full technical report of ABT contains the most current technical analsysis.

How does the Setup look for NYSE:ABT

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:ABT scores a 9 out of 10:

ABT has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. 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 117.52, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:ABT

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.