ABT Analysis for 12.16.2007

Abbott Laboratories - ABT

Monthly chart shows a potential double top formation. The last leg up off the $28 low is corrective in nature.

Weekly chart better shows a smaller abc 3 wave pattern into the double top. Last week's price action shows profit-taking upon test of the prior high.

Daily chart shows bears gapping down the price at the open in their haste to get out of the stock. While bulls tried to take it up and even managed to close the gap, they were soon overcome with bears who took the price to close on the lows for the trading session. IF we get continued weakness, THEN look for first downside target to be $53.50 and then $51.75 area.