Abbott Laboratories (ABT) was reviewed in July and again in September. Our last advice was the following: "We assume traders are long from our July update. Stay long, and consider raising sell-stop protection to a close below $50."
With ABT reaching $56 yesterday a fresh review of the charts and indicators are a good idea.
In this daily chart of ABT, above, we can see nice and steady progression higher from December. ABT is above the rising 50-day moving average line after a success test in August. ABT is, of course, above the rising 200-day line. The daily On-Balance-Volume (OBV) line has been constructive since early December. The 12-day momentum study in the bottom panel shows higher highs from September to October. These higher highs confirm the higher price highs.
In this weekly bar chart of ABT, above, we can see that prices are above the rising 40-week moving average line. The weekly OBV line is positive for the price action as is the Moving Average Convergence Divergence (MACD) oscillator.
This Point and Figure chart, above, shows a lot of price history. ABT is in an uptrend with a price target of $60.
Bottom line: Continue to hold longs in ABT and risk a close below $52. Next target is $60.