ABT pushes through Thursday's high
Abbott Laboratories (ABT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ABT finished the week 2.03% higher at 89.65 after gaining $0.97 (1.09%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 89.65 marks the highest recorded closing price since January 24th. Trading up to $0.56 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 89.04, Abbott Laboratories confirmed its breakout through the prior session high after trading up to $0.67 above it intraday.
Daily Candlestick Chart (ABT as at Feb 14, 2020):
Friday's trading range has been $1.40 (1.58%), that's slightly above the last trading month's daily average range of $1.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for ABT.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 20-day moving average at 89.15. When this moving average was crossed above the last time on Tuesday, ABT actually lost -0.43% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Abbott Laboratories. Out of 268 times, ABT closed higher 55.22% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.94% with an average market move of 0.68%.