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Possible Bearish Inside Day Candle Pattern Detected for Abbott Labs (NYSE:ABT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abbott Labs (NYSE:ABT) based on the price action in the company's shares. Today's price range of $83.63 and $83.92 is within yesterday'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 Abbott Labs may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

In the past 52 weeks, shares of Abbott Labs have traded between a low of $65.44 and a high of $88.76 and are now at $83.72, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.

Based on a current price of $83.72, Abbott Labs is currently 18.6% above its average consensus analyst price target of $68.13. The stock should discover initial support at its 50-day moving average (MA) of $82.73 and subsequent support at its 200-day MA of $80.18.

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

Keywords: bearish inside day candle abbott labs

Ticker(s): ABT