Additionally, $54.8 is an exceptionally well-defined line of horizontal support, stretching back to October 21, 2011; it’s marked below as a solid blue line.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpAPH5Y9raX-Qbju_2D4th4nsbXygpNlAaNveQXCInuZ4eV94YdgoQxE5oUtmYxVPMil51Z7_nNJd6HxgRLE45DgCHxnja9GWGi6CcNDQHmMq54Yefv2M-LGZBomIZl1GeIRGc3lQJ47M/s400/abt+180d1h.jpg)
Zooming into the intra-day movement of the past month (20 d 5m), the $54.7-54.8 range also finds support. A price channel extending from 4.1.2012 currently has its lower line at approximately that price; it’s the dashed yellow line below.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgITCS5kEdWqctjj3tD_7XNfkYt9WMTXjcWE2KjGvcIc4ZyoUqmT9ybY1SP4QGKIGnkF_6eC-nu1-uP0w2Nnp6IenN_dFdNMmYogq0Tgp3I99t_Jo1miV8cMY3_y5i_B62ytRkLZtpgVnE/s400/abt+20d5m.jpg)
Betting on a bounce in ABT from about $54.8, particularly if that price is reached in the midst of a broad market that is not in significant decline, appears to offer a relatively high probability of favourable resolution.
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