chitowntrader23

The 34 EMA (yellow line) has proven to be a very effective indicator for when we see bullish opportunties with ABT. As you can you see we have been respecting a Bearish channel for quite sometime, with a recent break out from the channel and attemps to change course. Time will tell.....Truth be told, I got shook out of about half position due to stop loss/s set (as to ensure profit taking on the way down). I did not see quite the recovery happening this quickly, so if we continue to climb, I will be salty, while also happy =)

We are continuing in this downward price channel, staying below my typical indicators that would tell me to go long. We are below both the 89 and 34 EMA, so until we can touch those and move beyond with some volume, it doesn't look good for upside. However, sideways action isn't bad either, which could indicate accumulation. Time will tell. I am still long.

This is a quick update to my previous post mentioning ABT showing relative strength within this bullish channel. The channel shown was originally drawn a few weeks before we made this move. It is really fun to see how the once resistance level, has now become it's support while we move to the upside. Current resistance sits at 4.74 - past history does not gurantee anything in the future, however if we keep the same bullish pennant set ups, we COULD see ABT breaking into the $5-$5.80 range sooner than later. As always, just my humble opinion, and trust me, I am often incorrect, so please do not make any of your decisions based off my thoughts. However, I am always welcome to feedback and oppossing ideas. Cheers.

ABT is in a powerful channel that has been non-stop breaking new highs. this channel was drawn out a few weeks before this most recent upside move. If we can continue to maintain on the upperside on this channel, it would be very bullish IMO.

As you can see, we technically set a higher low around 2.37 with the wick of the most recent upside hourly candle. It is critical that we break 2.40 within the next 24 hours, otherwise I fear we will lose some of the bulls who are in this for a quick swing trade. For the record, I am long for over a year now, current average is $.26 =) I believe we can see more upside, but we should tread lightly and watch volume for confirmation of price action.IF we head south, 1.76 would be the first level of support, followed by 1.60-1.64 range.