Abbott Labs (ABT)
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|It was the negative week for the Abbott Labs (ABT). During the week, the ABT dropped -6.06 points, or -5.56%, and closed at 102.87 on Friday, May 26, 2023. It was the worst weekly loss since March 10, 2023. Weekly volume was -14% below average. |
ABT is a member of Health Care Sector. Health Care is the second most overbought 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 93.25 on October 21, 2022. ABT lost 49.35 points, or 34.61%, in 42 weeks. The price is now at the 19.49% retracement level.
Medium-term trend: [See ABT medium-term trend chart]
A medium-term uptrend had started on October 21, 2022 at 93.25 and reached 115.69 on January 11, 2023. ABT gained -22.44 points, or -24.06%, in 11 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 98.12 and resistance is at 112.35. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.
Weekly Technical Indicators: [See ABT weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. 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 link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since April 14, 2023. This is an indication that the medium-term trend is up. 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 March 13, 2023 at 96.39 and reached 112.95 on May 3, 2023. ABT gained -16.56 points, or -17.18%, in 51 days. Price is near the Fibonacci 61.8% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See ABT daily technical indicators chart]
Daily 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 daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and Lane's Stochastic. Use the following links to access Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since May 5, 2023. The distance between MACD and the signal line is near its high and getting bigger.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.