Investors may want to keep an eye on oversold shares of Abbott Laboratories (ABT).
At the moment, the stock is sitting at double bottom support dating back to June. RSI, MACD, and Williams’ %R are also over-extended in oversold territory. In fact, the last time these three indicators became this oversold, the ABT stock bounced back nicely.
In June for example, ABT bounced from about $100.79 to $112.50. In May, ABT bounced from about $118. In January, ABT bounced from about $118 to about $130. Now, it may be setting up for another potential bounce. From a current price of $102.20, we’d like to see it run back to $110 again, near-term. Weakness may be an opportunity with ABT, long-term.