Downtrend Broken Resist.Archive
- 1/20/2023 -
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Abbott Labs (ABT)
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|It was the negative week for the Abbott Labs (ABT). During the week, the ABT gave back -0.69 points, or -0.61%, and closed at 112.82 on Friday, January 20, 2023. It was the worst weekly loss since November 4, 2022. ABT was trading at average weekly trading volume. |
ABT is a member of Health Care Sector. Health Care is the 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 chart has formed a Falling Wedge chart pattern. The downtrend resistance line (87.71) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.
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 Broadening Ascending Wedge chart pattern. The price is near the trend support (111.98) line. The support is usually stronger when technical indicators are oversold. 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 support line in a medium-term trend.
Weekly Technical Indicators: [See ABT weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 11, 2022. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 January 19, 2023 at 110.59 and reached 113.04 on January 20, 2023. ABT gained -2.45 points, or -2.22%, in 1 days. The price is now at the 8.98% retracement 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.