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

By David Diaz

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 $87.50 and $87.59 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.

In the past 52 weeks, shares of Abbott Labs have traded between a low of $61.55 and a high of $87.84 and are now at $87.50, which is 42% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.3%.

Based on a current price of $87.50, Abbott Labs is currently 22.1% above its average consensus analyst price target of $68.13. The stock should find initial support at its 50-day moving average (MA) of $80.84 and further support at its 200-day MA of $75.16.

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.

SmarTrend recommended that subscribers consider buying shares of Abbott Labs on June 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.54. Since that recommendation, shares of Abbott Labs have risen 10.3%. We continue to monitor ABT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle abbott labs

Ticker(s): ABT