ABT Long positionBuy after the rebound. Looks set for a correction on at the current price. Price might continue trending above after a potential breakout
Any alternate views?
ABT
Abbott Labs (ABT) : After the long, now comes the short ??I started analysing stocks about 4 months ago with Abbott Labs. Went in long at $37.80 and got out at $40.50 with a $2.70 profit. I said it could go higher and it did. Now trading at about $45
Pattern identification
ABT has completed a bearish Bat pattern and it does not seem ready to fall.
First some word of caution (seems to want to go higher)
- Price seems to be supported by the PRZ
- last few days price action is a bit weird, open low and closed higher (green candles)
- RSI is already down to 56 and price has not dropped at all
Trade Execution
Ideally can go short when the price breaks below the PRZ, and together with RSI turning bearish when it goes below 50. RSI did show a bearish divergence, but this can easily come up once more to show us another bearish divergence.
Let's watch this together
abt - abbott labsbeing long the abt from 38.5 calls, which is the yearly pivot I expected resistance from the YP and a move upwards, which seems to be taking place. target is 42 area. 1.10.17 (m/d/y) high was 41.62!!
ABT aggressive resistanceABT as a more aggressive Weekly resistance play to hedge against market going bearish in ABT's time til earnings
Abbot Labsblack line:
simply ab=cd pattern
red line:
difficult to trade!!!
important is 37,61.
if the level triggered is ur take profit at 43,7
look there for a reversal!
green line:
difficult to trade but best crv!!!
important is also 37,61 and 36,1 but not 35,28
AND
if the level triggered above 43,7 is it going up to new higher highs
how to trade?
look for a gap or look at a nr7 bar at a smaller timeframe
Stopp Loss beyond 35,2 - moneymanagement is yours!
have fun
MNTR is getting ready to RumbleShowing strong weekly support. Looking for a run to at least $1.50 $AZN $ABT $GRUB $ODFL $ANH $GRPN $LECO $RAD $MAR $ETFC $AAPL $CQP $TVPT $ARCO $SWFT $REN
