On March 11, we mentioned that Abbott Laboratories (NYSE:ABT) was trading near an influential level of support. We noted that the $50 level was able to prop up the price in the past and that many traders were curious to see if the stock would bounce off it again. As you can see from the chart below, the stock did indeed bounce higher, but unfortunately for the bulls the rally faced some serious resistance near the $55 mark and has since fallen back toward the support level.

Today's close near the horizontal trendline will trigger the interest of many technical traders because the bulls stepped into the stock at $50 before and it wouldn't be surprising to see this happen again.

Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
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