Not worth the risk in my point of view as it has too many institutional gaps and the ratio does not have to be measured to know it is less than 1 in a short and long term down trend
This stock has been in a somewhat "predictable" sideways cycle with small up-down patterns for quite some time.
The profit taking range has been $87-$89. This is an easy buy below $79, and a half-decent buy at low $80s.
Look for continuation play at earnings.
As usual, take profits with a number you could be happy with especially at overbought/oversold...
Looking for a short trade on $ABT. Chart is self-explanatory (I hope). Wait for reversal clues between 66.5 and 67 levels before trading, since this is a counter-trend idea.
- As predicted. if ABT successfully broke down channel (pink) it would head into new up channel
- Overall correction looks like its ended and now looking to hit previous high
- ABT previously resisted in down channel (pink)
- Trend step long and MMAR fully reversed to long
- Weekly MACD coming off back end of short trend
- Wait for ABT to close above pink channel
ABT has come back into longterm daily uptrend. on the hourly chart this may be a double bottom and zooming out on the daily we are pretty close to the .618 retracement. Seeing slgiht rejection on the hourly so this may be good for a quick scalp
Upside target in the $100 region , earnings approaching in October could be the stimulus for that move.
ABT specialize in Diabetes, which is one of the fastest growing disease in the world, the potential growth for ABT in huge which is reflected in the increased hiring in its European bases.
As more of the world comes out of poverty, a unfortunate result is the...
