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

By Shiri Gupta

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 $85.93 and $86.57 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 has overhead space with shares priced $86.31, or 23.8% below the average consensus analyst price target of $113.26. The stock should discover initial support at its 200-day moving average (MA) of $75.52 and subsequent support at its 50-day MA of $75.48.

Abbvie Inc share prices have moved between a 52-week high of $94.98 and a 52-week low of $62.66 and are now trading 38% above that low price at $86.31 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.6%.

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.

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