ABT Abbott Labs - Entry Based on Proper Market ConditionsALL ENTRIES REQUIRE PROPER MARKET CONDITIONS
ABT ABBOTT LABS
ENTRY = 618@84-85 (200ema on daily)
1st Target = 89
2nd Target = 786@91
3rd Target = ATH 100+
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This content is for informational and educational purposes only. This is not in any way, shape or form financial or trading advice.
Good luck, happy trading and stay chill,
2degreez
ABL trade ideas
Abbott Laboratories (ABT - NYSE) - Elliott Wave countAbbott Laboratories (ABT - NYSE) has completed impulse wave up and then correcting in WXY or it may be in 3rd wave up, as it’s strong & all time high stock of NYSE. In both the case the temporary direction of trade will be up as shown in chart until price holds the invalidation level shown in 30 min chart. In weekly it’s within 5th wave of 3rd wave up, which was V shaped reversal in Corona crisis, so possibly it goes further up as the market direction also bullish these days.
ABTBased on my analysis:
1. ABT formed a double bottom chart pattern (April 20 - May 29).
2. Breakout neckline with a high volume and formed a marubozu candlestick.
3. Stochastic slows indicate that the bias still bullish.
4. Traders are advised to take profit at price (1) 99USD or 103 USD.
Syeikh Hafiz
Stock Market Analyst
ABT Long, add position to existing trading plan (05/15) Condition:
1. False breakout stopped most of the positions bought in the demand zone.
1.1 After big down move
1.2 consolidation in Demand Zone
1.3 Break through the Demand Zone
1.4 One bar down, next bar up, closed Higher than previous high.
1.5 Up bar closed Higher than Demand Zone;
2. Down Trend line break.
3. 60 min demand zone confirmed
Entry: 90
Stop: 87.5
Target: 98; risk/reward=1:3
This is a trading school homework. I need few months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
From now on, if I got more confirmation,
I will begin to add position to existing trading plan.
ABT Long, demand zone confirmedCondition:
1. weekly chart in uptrend (Price>EMA144>EMA233)
2. Runaway Gap (G1) Shows 40% of the trend.
3. 60 min demand zone confirmed
Earning Date: 7/16/2020. It will not affect this trading plan.
Estimate: Breakaway Gap (G2) up in next week.
Entry: Below 90
Stop: 88
Target1: 98; risk/reward=1:4
Target2: 108; risk/reward=1:9
This is a trading school homework. I need few months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
$ABT Bull Flag Breakout , Back to $100
Having previously rejected at the $100 level, the stock has consolidated and has broken out form a bull flag.
Indicators have worked of overbought conditions on the daily chart also.
The company has huge momentum and sentiment sway behind it and government
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Bullish Breakout of Lightning CloudThe stock has formed an inverted head and shoulder pattern in Apr, 2020 and turned the outlook to positive. The prices are supported by a bullish trendline, which also confirms a positive trend. In addition, the stock has broken above the upper boundary of a bullish flag pattern and has just broken above the lightning cloud with a larger white candle. The 50-day (blue line) moving average is turning up and is likely to cross above the 250-day (red line) one in sight. The daily RSI is supported by a bullish trendline and is heading upwards above its neutrality level at 50%. The MACD is above the 0-level and is turning up, while the MACD histogram is narrowing.
In sum, the technical picture of the stock is positive. Above lighting cloud, the stock is likely to further upside and challenge the next resistance at $100 again. A break above this level would call for a further advance towards $103 (127.2% fib. Extension between point A and B).
ABT - Price Pattern Analysis/Falling WedgeBelow is a detailed chart of some of my favorite trading techniques and how they apply to day trading - more specifically here is the falling wedge. This is one of my favorites to trade - especially after an uptrend like in ABT, as they are heavily biased towards bullish breakouts. These offer great potential from a risk-reward point of view - limited downside but high potential. Highly recommend adding this tool to your arsenal if you aren't already familiar!