Abbott presses toward breakout after double bottom
Abbott gains 2.4% and presses against its 7-day high
Abbott presses toward breakout after double bottom
Our view last week
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.
This week's summary
Abbott's rebound off the double bottom in the 87 area has pushed the stock right up against its 7-day high, the level that would unlock a breakout toward the 104 area: the week closed up 2.4%, but with a mixed rejection candle and daily money flow still negative despite 58% of volume on the buy side. The buy signal is in its fourth week, with the trade already up 9.5% and the stop moved to breakeven.
IQS Phase
61
ordinary
Signal Strength
47
medium · weak
Sizing
REDUCED
Ranking
#77 / 124
US stocks in progress
Trade P&L %
+9.50%
from signal to today
Rank position
ranks 77th among the 124 Longs already running for US stocks in our ranking, with a signal strength of 47 out of 100.
Sector context
SectorHealth Care
Benchmark ETFXLV
Sector regimein positive regime
Performanceweekly +0.92% · monthly +6.01%
ABT belongs to the health care sector (reference ETF XLV). The sector is classified in positive regime according to our weekly reading.
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