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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Abbvie Inc (NYSE:ABBV) based on the price action in the company's shares. Yesterday's price range of $84.65 and $85.40 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 Abbvie Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 33.3% exists for Abbvie Inc, based on a current level of $85.00 and analysts' average consensus price target of $113.26. Abbvie Inc shares should encounter resistance at the 50-day moving average (MA) of $88.03 and support at its 200-day MA of $77.43.

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 $62.66 to $91.99 and closed yesterday at $85.00, 36% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Abbvie Inc on September 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.68. Since that recommendation, shares of Abbvie Inc have risen 18.2%. We continue to monitor ABBV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle abbvie inc

Ticker(s): ABBV