Bearish GartleyBearish Gartley with bearish divergence. Notice how price reacts to the potential reversal zone, this makes the pattern much more valid.
Measurements
- .786XA
- 1.618BC
- AB=CD
ABT trade ideas
ABT - Wait for new highWe expect new peaks, after the consolidation of the price near the local level (blue bar). Similarly, the position will be transferred to the breakeven at that moment, as the price may turn from it and go for a deeper correction.
P/E 61.27
Forward P/E 19.81
Open 61.53
SL 60.13
TP 67.13
Ratio of risk to profit 1: 4
Good Luck!
$ABT & I are both due for a short $ABT is a bit of a stretch for an analyst's reccom for a long position. Would've thrown a pitchfork in to show the extremities of a re-trace but I'm sure you can use your imagination for a bullish gartley once 61% - 127% fib re-trace is done with.
PfizerPfizer, like GSK is reporting on 1st August for their earnings. Another exciting stock caught in a range.
Since this stock has yet to trend but is still caught in the consolidation phase, actionable regions are maintained at those price balloons on the chart.
The argument for bullish price action is the same as GSK.
GSK - Resilience of Pharmaceutical Stocks Despite Obamacare Since our last bullish outlook on the pharmeceutical sector, Revelation Trading feels that this is one stock to look out for. Though it has caused a slight dent, the failure of Congress to repeal and replace Obamacare has not caused the pharmaceutical stocks in our radar to tumble. In fact, they have held their well defined ranges. That to us, is strength.
Also, with reference to our post on 24th Jun, the NBI has also been maintaining its upward momentum. Thus Revelation Trading concludes that apart from the media sensationalising the failure to replace Obamacare, there is no change to our analysis on the sector.
With regards to GSK, we are looking for actionable ideas above 43 with an initial stop loss established at 40, targeting 45.50 and above.
Abbott LabsLooking for further upside with the invalidation of the double top at 51.73 to confirm Revelation Trading's bullish bias. Near term support is at 46.33.
$ABT Tradespoon - Long $ABT entry-$46.12$ABT Tradespoon model generate Long $ABT for the past 3 days. model provides 90% probability that $ABT will remain above $46.12 today NYSE:ABT
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 - Potential bottom. Awaiting for confirmationAnother Signal of a potential bottom from my dBFI on the DAILY chart last friday(green arrow).
A move above sma14 will confirm the signal and probably price will probably move towards 44-44.5 (between 0.5-0.618 fib)
