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Possible Bearish Inside Day Candle Pattern Detected for Abbvie Inc (NYSE:ABBV)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abbvie Inc (NYSE:ABBV) based on the price action in the company's shares. Today's price range of $79.61 and $79.61 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 Abbvie Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

Potential upside of 42.3% exists for Abbvie Inc, based on a current level of $79.61 and analysts' average consensus price target of $113.26. Abbvie Inc shares should first meet resistance at the 50-day moving average (MA) of $79.89 and find additional resistance at the 200-day MA of $86.26.

In the past 52 weeks, shares of Abbvie Inc have traded between a low of $75.62 and a high of $107.25 and are now at $79.61, which is 5% 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 slid 0.4%.

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

Keywords: bearish inside day candle abbvie inc

Ticker(s): ABBV