By Mill Chart
Last update: Feb 3, 2023
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.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
Overall ABT gets a technical rating of 8 out of 10. 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.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:ABT this score is currently 9:
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 113.51. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 112.03, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ABT in the last couple of days, which is a good sign.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
More breakout setups can be found in our Breakout analyzer.
ABBOTT LABORATORIES
NYSE:ABT (3/28/2024, 1:20:07 PM)
113.255
-0.23 (-0.2%)
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