Shares of Abbott Laboratories (ABT) are trading higher Thursday in reaction to news that the FDA granted emergency use authorization for the company's 15-minute Covid-19 test that will be priced at just $5.
Let's check out the charts for the next fifteen minutes and see what sort of results we get.
In the daily bar chart of ABT, below, we can see that the shares made a dramatic "V" bottom in March. By late April prices had soared to new highs. After a May/June correction prices began to climb again. ABT is trading above the rising 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line shows gains from late March to tell us that buyers of ABT have been more aggressive. This confirms and supports the bull story.
The Moving Average Convergence Divergence (MACD) oscillator has been above the zero line since the middle of April and looks poised to turn higher.