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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. Yesterday's price range of $96.51 and $97.30 is within the prior day'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.

Potential upside of 18.7% exists for Abbvie Inc, based on a current level of $95.40 and analysts' average consensus price target of $113.26. The stock should discover initial support at its 50-day moving average (MA) of $88.16 and subsequent support at its 200-day MA of $77.99.

Abbvie Inc share prices have moved between a 52-week high of $97.86 and a 52-week low of $62.66 and closed yesterday at 52% above that low price at $95.40 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.7%.

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

Keywords: bearish am inside day candle abbvie inc

Ticker(s): ABBV