$ABT is forming cup needs to hold above $100 for a confirmation. watch for a heavy volume as well
12 months Consensus Price Target: $103.67
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ALL ENTRIES REQUIRE PROPER MARKET CONDITIONS
ABT ABBOTT LABS
ENTRY = 618@84-85 (200ema on daily)
1st Target = 89
2nd Target = 786@91
3rd Target = ATH 100+
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Neutral outlook for now.
ABT may need a strong catalyst to push it over the key level.
Current price is good for profit taking but not for long entries.
Weak breakthroughs of the key level resistance may provide short term opportunities to short.
Take a look what we expect about ABT, we are bellow a important resistance level and bellow the medium term resistance line.
We only look for long postion in this asset if we break 1368 sats and acumulate above this level or make a pullback to test this level as support.
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ABT shares are ripping higher in recent action as the company achieves the vanguard in COVID-19 testing with its 5-minute results method -- which looks likely to set the new standard and redefine how we track this tragic disease.
This comes off a massively oversold low, and now we are back in the prior long-term range with supports in place.
Healthcare has been a leader YTD, as it has the defensive nature and is gaining momentum on the spread and containment of the COVID. Also, negative sentiment of the healthcare sector regarding the opioid crisis (which seems like a long time ago now), and politicians creating regulations for insurance reform; has now subsided.
Inside the XLV, IHI (medical devices)...
Largely seen as a defensive play, this stock actually has earnings growth and expansion. I believe it is only up from here - my year end price target is $98. If the price closes strongly below the ascending TL this trade will become invalid.
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The earning season already take places!
Let's check out the major names that will have their earning report this week with me yo!
Tue: GS, JPM, JNJ,WFC,UAL, IBKR
Wed: ABT, BAC, NFLX
Thur: MSFT, MS, UNH
and I got only 20 minutes so I didn't record down Friday names like AXP, BLK, and SLB!
Let's see how they go this week yo!