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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. Yesterday's price range of $79.61 and $80.22 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.

There is potential upside of 41.9% for shares of Abbvie Inc based on a current price of $79.83 and an average consensus analyst price target of $113.26. Abbvie Inc shares should first meet resistance at the 50-day moving average (MA) of $79.93 and find additional resistance at the 200-day MA of $86.19.

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.

In the past 52 weeks, Abbvie Inc share prices have been bracketed by a low of $75.62 and a high of $107.25 and closed yesterday at $79.83, 6% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

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 am inside day candle abbvie inc

Ticker(s): ABBV