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In-Depth Technical Analysis of ABBOTT LABORATORIES.

By Mill Chart

Last update: Dec 7, 2023

Our stockscreener has identified a possible breakout setup on ABBOTT LABORATORIES (NYSE:ABT). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:ABT for potential opportunities.

ABT Daily chart on 2023-12-07

Insights from Technical Analysis

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.

We assign a technical rating of 7 out of 10 to ABT. ABT has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • ABT is part of the Health Care Equipment & Supplies industry. There are 202 other stocks in this industry. ABT outperforms 74% of them.
  • In the last month ABT has a been trading in the 92.43 - 105.50 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the performance of all stocks over the past year, ABT turns out to be only a medium performer in the overall market: it outperformed 51% of all stocks.
  • ABT is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so ABT is lagging the market.

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

How do we evaluate the setup for NYSE:ABT?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple 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 very little resistance above the current price. There is a support zone below the current price at 104.45, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:ABT be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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ABBOTT LABORATORIES

NYSE:ABT (2/22/2024, 11:28:09 AM)

118.35

+0.48 (+0.41%)

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