Possible Bullish Inside Day Candle Pattern Detected for ABB (NYSE:ABB)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in ABB (NYSE:ABB) based on the price action in the company's shares. Today's price range of $19.30 and $19.40 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. Traders and investors interested in shares of ABB may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
ABB (NYSE:ABB) defies analysts with a current price ($19.31) 1.2% above its average consensus price target of $19.08. The stock should find resistance at its 50-day moving average (MA) of $19.43, as well as support at its 200-day MA of $18.60.
ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics.
Over the past year, ABB has traded in a range of $15.74 to $23.66 and is now at $19.31, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of ABB on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.69. Since that recommendation, shares of ABB have risen 9.0%. We continue to monitor ABB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle