ABT slides to lowest close since July 23rd
Moving lower for the 2nd day in a row, ABT ended the week -1.84% lower at 64.03 after losing $0.61 (-0.94%) today. Today's closing price of 64.03 marks the lowest close since July 23rd. Closing below Thursday's low at 64.58, the share confirms its breakout through the previous session's low having traded $0.71 below it intraday.
Friday's trading range was $0.73 (1.13%), that's slightly below last trading month's daily average range of $0.90. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 64.56, Abbott Laboratories closed below it after spiking as high as 64.60 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 64.60 during the day, the stock found resistance at the 20-day moving average at 64.45.
Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. ABT broke below the 20-day moving average at 64.45 today for the first time since July 16th.
With prices trading close to this year's high at 65.90, upside momentum might speed up should the share be able to break out to new highs for the year.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Abbott Laboratories
|Close to R1 Resistance||TQ Pro Members Only|
|Gap Up||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
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