3 Big Stock Charts for Tuesday: Abbott Laboratories, Johnson & Johnson, and Regeneron Pharmaceuticals

Stock Market

Big daily moves are still the trend in big stock charts, it seems. The coronavirus from China remained in focus on Monday but with a strong sense of optimism. Major market indexes pushed higher.

Source: Shutterstock

Perhaps the trading community felt hopeful that the U.S. government would be successful in extending its efforts to contain the contagion. Even so, the S&P 500 remains well below its all-time high.

Tuesday’s big stock charts focus on three companies that investors are hoping will make progress in fighting the spread of the coronavirus. You can root for them while considering a position if you like the charts and, just as importantly, the company’s business model.

Abbott Laboratories (ABT)

big stock charts ABT stock

Source: Source: Provided by Finviz

The first of Tuesday’s big stock charts, Abbott Laboratories (NYSE:ABT) stock, soared on Monday as investors cheered the news that the company had received regulatory approval for its five-minute COVID-19 test. Let’s see how the stock stands after this encouraging development.

  • Don’t get greedy with this one. It’s okay to be a bull, but pigs get roasted! Therefore, take profits at the $90 resistance price point.
  • Feast your eyes on Monday’s enormous volume bar. There’s conviction behind that move, so you wouldn’t want to go short with this one.
  • The falling wedge is broken to the upside. However, it’s too early to call the wedge invalidated. Still, it’s painting a bullish picture.

Johnson & Johnson (JNJ)

big stock charts JNJ stock

Source: Source: Provided by Finviz

Traders cheered Johnson & Johnson (NYSE:JNJ) and bid up its stock price heartily on Monday. That’s because the company announced that it plans to test out an anti-coronavirus vaccine by September. But do the charts suggest further upside?

  • The stock is now peeking above that sharply declining resistance line. It’s too soon to determine whether that line will provide support going forward.
  • Two weeks of heavy volume and large candlesticks suggests that this one’s a big mover. Kind of funny since JNJ is usually viewed as a safety stock.
  • Monday’s candle is perfectly perched on that horizontal support/resistance line at $127.50. Watch it closely to see whether it provides a floor or a ceiling in the coming days.

Regeneron Pharmaceuticals (REGN)

REGN stock

Source: Source: Provided by Finviz

Auspicious news came from Regeneron Pharmaceuticals (NASDAQ:REGN) as the company revealed its involvement in a clinical trial of a drug treatment for patients with severe COVID-19. So far the results appear to indicate progress. With that in mind, let’s evaluate the third of Tuesday’s big stock charts.

  • As you can see, this stock didn’t decline as much as the major market indexes. In fact, it has bounced quite nicely off of the $425 support line. If it returns to that price point, that’s a good time to consider a long position.
  • The channel that started back in October is just getting wider. This suggests bigger price movements in both directions, so be prepared for that.
  • Resistance is at $500 until proven otherwise. It’s perfectly okay to take profits there and wait for other opportunities. Remember, it’s always better to be safe than sorry!

As of this writing, David Moadel did not hold a position in any of the aforementioned securities.

Articles You May Like

Introducing StockTracker Master Class Volume 1