Stock Chart ABT

Posted by downtowntrader | 4/29/2009 04:06:00 PM View Comments

Stock Chart Analysis ABT

Abbott Laboratories(Public, NYSE:ABT)

I posted on twitter about how I see ABT as a decent swing short candidate and decided to illustrate what I have been seeing. ABT fell out of a consolidation in March on heavy volume. The initial move actually came on a gap lower, of which there was never an attempt to fill. It has since been struggling to hold a declining 20 day moving average and has been grinding out lower lows and lower highs. It has been holding this level which coincides with longer term support, but the fact that it hasn't found real buying interest in a strong market hints at further weakness.

Good Trading,


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