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Possible Bullish Inside Day Candle Pattern Detected for Abbott Labs (NYSE:ABT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Abbott Labs (NYSE:ABT) based on the price action in the company's shares. Yesterday's price range of $78.89 and $79.80 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. Traders and investors interested in shares of Abbott Labs may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

Abbott Labs (NYSE:ABT) is currently priced 14.3% above its average consensus analyst price target of $68.13. Abbott Labs shares should encounter resistance at the 50-day moving average (MA) of $83.80 and support at its 200-day MA of $79.24.

In the past 52 weeks, shares of Abbott Labs have traded between a low of $65.44 and a high of $88.76 and closed yesterday at $79.50, which is 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has risen 0.2%.

SmarTrend is tracking the current trend status for Abbott Labs and will alert subscribers who have ABT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle abbott labs

Ticker(s): ABT