Indications Suggest ABBOTT LABORATORIES (NYSE:ABT) Could Be on the Verge of a Breakout.

Our stock screener has spotted ABBOTT LABORATORIES (NYSE:ABT) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:ABT.

What is the technical picture of NYSE:ABT telling us.

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to ABT. Both in the recent history as in the last year, ABT has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that ABT is one of the better performing stocks in the market, outperforming 85% of all stocks.
• ABT is one of the better performing stocks in the Health Care Equipment & Supplies industry, it outperforms 80% of 189 stocks in the same industry.
• ABT is currently making a new 52 week high. This is a strong signal. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so ABT is leading the market.
• In the last month ABT has a been trading in the 126.00 - 136.99 range, which is quite wide. It is currently trading near the high of this range.

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

How does the Setup look for NYSE:ABT

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:ABT is 8:

ABT has an excellent technical rating and 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 135.88. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 133.54, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:ABT?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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.