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Possible Bearish Inside Day Candle Pattern Detected for Abaxis Inc (NASDAQ:ABAX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abaxis Inc (NASDAQ:ABAX) based on the price action in the company's shares. Yesterday's price range of $71.04 and $72.06 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Abaxis Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Abaxis, Inc. develops, manufactures, and markets portable blood analysis systems for use in any patient care setting. The Company's systems provide clinicians with rapid blood constituent measurements. Abaxis currently markets the vetscan for veterinary use and the piccolo for human medical use. The Company's products are sold in the United States, as well as in Europe and Japan.

In the past 52 weeks, shares of Abaxis Inc have traded between a low of $43.57 and a high of $78.53 and closed yesterday at $71.75, which is 65% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.9%.

Based on a current price of $71.75, Abaxis Inc is currently 11.1% above its average consensus analyst price target of $63.75. The stock should discover initial support at its 200-day moving average (MA) of $47.41 and subsequent support at its 50-day MA of $43.43.

SmarTrend is tracking the current trend status for Abaxis Inc and will alert subscribers who have ABAX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle abaxis inc

Ticker(s): ABAX