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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 $75.76 and $75.76 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.

Over the past year, Abbott Labs has traded in a range of $56.81 to $80.74 and is now at $75.76, 33% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

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.

Abbott Labs (NYSE:ABT) is currently priced 10.1% above its average consensus analyst price target of $68.13. Abbott Labs shares should encounter resistance at the 50-day moving average (MA) of $77.50 and support at its 200-day MA of $70.80.

SmarTrend is monitoring the recent change of momentum in Abbott Labs. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Abbott Labs in search of a potential trend change.

Keywords: bearish inside day candle abbott labs

Ticker(s): ABT