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

By James Quinn

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 $106.26 and $106.98 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.

There is potential upside of 6.5% for shares of Abbvie Inc based on a current price of $106.38 and an average consensus analyst price target of $113.26. The stock should find initial support at its 50-day moving average (MA) of $99.82 and further support at its 200-day MA of $96.36.

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.

Over the past year, Abbvie Inc has traded in a range of $64.80 to $125.86 and is now at $106.38, 64% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has declined 0.7%.

SmarTrend recommended that subscribers consider buying shares of Abbvie Inc on May 1st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $102.28. Since that recommendation, shares of Abbvie Inc have risen 3.9%. We continue to monitor ABBV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle abbvie inc

Ticker(s): ABBV