Abbott rebounds 7.2% off a double bottom near 87
Abbott jumps 7.2% off a double bottom and tests a breakout toward the highs
Abbott rebounds 7.2% off a double bottom near 87
Our view last week
Abbott shares slip 1.5% in a week that tells two different stories: on the daily chart price keeps carving higher lows, from the 87 area to the 91 area, while on the weekly chart buyers are losing ground and sellers were sharply dominant in the last bar. Earnings, flagged last week as two weeks out, land this week — July 16 is right around the corner, and volatility could pick up. A steady, ordinary case in Health Care, with signal strength sitting in the middle of the range.
This week's summary
After last week's 1.5% dip, Abbott shares rebound 7.2% and carve out a clean double bottom in the 87 area: earnings, due just days ago, are now behind it, and the stock pushed toward a breakout of its 7-day high, in the 102 area. The buy signal holds in its third week, with the confirmation week closing higher, but under the surface daily money flow stays negative and the weekly trend is losing some conviction.
IQS Phase
58
ordinary
Signal Strength
55
medium
Sizing
STANDARD
Ranking
#53 / 112
US stocks in progress
Trade P&L %
+6.97%
from signal to today
restricted Platinum content