Abbott Laboratories (ABT) — This medical device maker announced Wednesday that it received CE Mark for its FreeStyle Libre Flash Glucose Monitoring System. This designation is required for some products to be sold within the European Economic Area (EEA), and it is great news for the company.
The prevalence of diabetes is increasing in Europe and worldwide, and Abbott’s glucose sensing technology, which eliminates the need for routine finger pricks, will be available in seven European countries over the next few weeks.
ABT rose 1.3% on the news, and this could be just what the doctor ordered to break shares out of the consolidation range they have been trading in since mid-July.
The stock has been in a solid uptrend since mid-April, and if it can break up through the downtrending resistance level that has been impacting it for the past six weeks, it will complete a bullish symmetrical triangle continuation pattern.
Projecting the $2 height of the widest point of the price pattern — from a low of approximately $41 in mid-July to a high near $43 in late July — from the breakout point at $43, we anticipate ABT could run to $45 and likely further. Because as long as there are people who love to eat sugar and other refined carbs, ABT should continue to ride high.
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