On Aug. 26, 2017 ($49.35), we reported that Abbott Laboratories (Friday’s close $xx.xx) had a breakout from a large trading range (dashed lines) and provided targets of $54 and $59. The stock had a sharp rise to $64.60 by January, 2018, to fulfill and exceed our targets (A). It then settled in a horizontal trading range mostly between $57 and $64 for the subsequent six months (dotted lines).
The recent rise to $66.88 signalled the breakout from this range and the resumption of the up-trend toward higher targets (B). Only a decline below $60-$61 would be negative.
Point & Figure measurements provide targets of $70 and $74. Higher targets are visible.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com