ABTD trade ideas
ABBOT COVID TRIANGLE BREAKOUTABBOT has been a really bad boy but it eventually put itself in some kind of triangle.
Will it break out? I think so.
PRICE TARGET 103$
STOP LOSS: There is no stop loss!
Abbott TrendsAfter showing a bull trend that lasted several years the stock has moved to bearish teritorry in the past year. During this time the stock price has been range bound between 36 and 46. It is showing resistance at 36 levels. The relative strength of the stock when compared to the S&P 500 is indicating that Abbott is underperforming the market and bearish. This is confirmed by the MACD indicator not crossing into positive territory. In the short term we could expect a certain bounce back. Long term bearish trend reversal needs to confirmed with fundamental performance.
