The Greedy Trader Weekly Analysis
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Daily MACD Divergence:Bullish
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Moving Average Convergence Divergence (MACD)

Moving Average Convergence Divergence (MACD indicator) was developed by Gerald Appel, and it represents the relationship between two moving averages. MACD crossover with the signal line warns about the trend weakening. MACD dramatic rise represents an overbought/oversold condition and indicates the trend exhaustion. The MACD divergence between price and indicator is the one of the most popular buy/sell MACD signals.

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- 5/31/2024 -
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Abbott Labs (ABT) Technical Analysis

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Summary:
Weekly :Broken trend support lineOversold sectorRelative Strength Index oversoldWilliams' Percentage Range and Lane's Stochastic are strongly oversoldTrend resistance at 101.15
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the Abbott Labs (ABT). During the week, the ABT dropped -1.76 points, or -1.69%, and closed at 102.19 on Friday, May 31, 2024. Weekly volume was 9% above average.

ABT is a member of Health Care Sector. Health Care is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ABT long-term trend chart]
A long-term downtrend had started on December 27, 2021 at 142.60 and reached 89.67 on October 12, 2023. ABT lost 52.93 points, or 37.12%, in 93 weeks. The chart has formed a Falling Wedge chart pattern. The price is near the trend resistance line (101.15). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See ABT medium-term trend chart]
A medium-term uptrend had started on October 12, 2023 at 89.67 and reached 121.63 on March 8, 2024. ABT gained -31.96 points, or -35.64%, in 21 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (135.26) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See ABT weekly technical indicators chart]
Weekly Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Relative Strength Index or strongly oversold weekly Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is below its signal line since March 28, 2024. The distance between MACD and the signal line is relatively high and getting bigger. Use the following link to access a MACD help.

Short-term trend: [See ABT short-term trend chart]
A short-term uptrend had started on May 29, 2024 at 100.64 and reached 102.61 on May 30, 2024. ABT gained -1.97 points, or -1.96%, in 1 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See ABT daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 38.38
Williams' Percentage Range (W%R) 79.70
Lane's Stochastic (%D-Slow) 25.40
Greed/Fear Indicator (GFI) 28.04
Moving Average Converg./Diverg. (MACD) -1.49
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 19.67
Oversold
Williams' Percentage Range (W%R) 94.20
Strong Oversold
Lane's Stochastic (%D-Slow) 8.52
Strong Oversold
Greed/Fear Indicator (GFI) 16.17
Oversold
Moving Average Converg./Diverg. (MACD) 0.92
Trading Signals
Description Value Chart
50 Day Moving Average 107.20
Upper Bollinger Band 106.93
Parabolic System 104.71
20 Day Moving Average 104.01
Monthly Trendline Resistance 103.47
Price 102.19
Weekly Stochastic Crossing 101.51
Daily Stochastic Crossing 101.45
Lower Bollinger Band 101.25
Yearly Trendline Resistance 101.15
Monthly Trendline Support 100.25
Yearly Trendline Support 87.34
Sector and Industry
Description Name Rank
Sector Health Care 2
Industry Health Care Equipment 43
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 100.64
Low Date 05/29/2024
High 102.61
High Date 05/30/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 114.02
High Date 03/28/2024
Low 100.64
Low Date 05/29/2024
Description Value
Direction Down
Chart Pattern Falling Channel
Status Valid
Resistance 103.47
Support 100.25
High 121.63
High Date 03/08/2024
Low 100.64
Low Date 05/29/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 132.16
Support 135.26
Low 89.67
Low Date 10/12/2023
High 121.63
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Test Resistance
Resistance 101.15
Support 87.34
High 142.60
High Date 12/27/2021
Low 89.67
Low Date 10/12/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.