Abbott Labs Close to the 50 Day

Published on Sunday, 22 January 2012 15:00 Written by Danny Miller

New York, January 22nd (TradersHuddle.com) - Shares of Abbott Laboratories (NYSE:ABT) closed the trading day at $55.76 close to its 50 day moving average currently set at $54.72. Abbott Labs' price action is just above this important support level translating into a trading opportunity.

Abbott Laboratories (NYSE:ABT) develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors. The company was founded in 1888 and is based in Abbott Park, Illinois.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $48.96 and calculated resistance at $56.84. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Abbott Labs will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.