We recommended Abbott Laboratories (Friday’s close $78.57) on August 26, 2017, ($49.35) and again on September 1, 2018, ($66.85). In our first report we provided targets of $54 and $59 then $70 and $74 in the second report. Abbott reached a high of $74.15 in October 2018 to fulfill all of our targets (A).
Recently, the stock settled in a horizontal trading range mostly between $65 and $74 (dotted lines). The recent rise above ±$75 signalled the resumption of the up-trend (B).
A minor correction may occur toward ±$72, but only a sustained decline below $68-69 would be negative.
Point & Figure measurements provide targets of $84 and $94. Higher targets are visible.
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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