Abbott Laboratories (NYSE: ABT)

Abbott Laboratories engages in the discovery, development, manufacture, and sale of health care products worldwide. The company offers adult and pediatric pharmaceuticals for rheumatoid and psoriatic arthritis, ankylosing spondylitis, psoriasis, juvenile idiopathic arthritis, and Crohns disease; dyslipidemia; HIV infection; prostate cancer, endometriosis and central precocious puberty, and anemia caused by uterine fibroids. It also offers diagnostic systems and tests, such as immunoassay and clinical chemistry systems; assays for screening and/or diagnosis for drugs of abuse, cancer, therapeutic drug monitoring, fertility, and physiological and infectious diseases; instruments that automate the extraction, purification, and preparation of DNA and RNA from patient samples, and detects and measures infectious agents; genomic-based tests; hematology systems and reagents; and diagnostic systems and tests for blood analysis. In addition, the company provides coronary, endovascular, vessel closure, and structural heart devices, such as drug-eluting stent systems, coronary metallic stents, balloon dilatation products, coronary guidewires, carotid stent systems, valve repair systems, and drug-eluting bioresorbable vascular products.

Please take a look at the 1 yr. chart of ABT (Abbott Laboratories) that I have shown below with my added notations:

ABT has formed a nice up-trending channel over the last (9) months. A channel is simply formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to a channel, I always tell my students that any (3) points can start the channel, but it's the 4th test and beyond that confirm it. You can see that ABT has multiple test points between the channel resistance (red) and channel support (blue). Following the ABT Channel can provide you with both long and short trading opportunities.