Leo Fasciocco, who specializes in stocks that have shown technical "breakouts," turns to Abbott Labs (NYSE: ABT) as the latest featured stock in his top notch Ticker Tape Digest.

"Abbott has been acting strong depite market weakness, indicating that money moving into ABT, perhaps as a defensive play.

"ABT has a low beta of 0.14 versus the S&P 500's 1.00. That would indicate that ABT is a low risk play. In any case, the stock is set up nicely for a breakout from an eight-week flat base. With good earnings coming this year, we suggest accumulation of the shares.

"Abbott's products include prescription drugs, coronary and carotid stents, and nutritional liquids for infants and adults.

"The stock's long-term chart shows ABT 'knocking on the door' of a new high. It just needs to get over 61.09. If it can do that it could well draw in more buying.

"ABT is acting strong and is a good spot for institutional money to move into in a difficult market. We suggest accumulation of a partial stake in ABT with further buying to be done on a move over 60.

"Overall, we see ABT as a conservative play with low downside risk. We are targeting the stock for a move to 70 within the next few months."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.

Abbott Labs (ABT): A technical breakout? originally appeared on BloggingStocks on Fri, 17 Oct 2008 13:00:00 EST. Please see our terms for use of feeds.