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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abbott Labs (NYSE:ABT) based on the price action in the company's shares. Yesterday's price range of $91.27 and $91.85 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 Abbott Labs may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

In the past 52 weeks, shares of Abbott Labs have traded between a low of $68.80 and a high of $92.45 and closed yesterday at $91.00, which is 32% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

Abbott Labs (NYSE:ABT) defies analysts with a current price ($91.00) 25.1% above its average consensus price target of $68.13. The stock should find initial support at its 50-day moving average (MA) of $86.02 and further support at its 200-day MA of $82.97.

SmarTrend recommended that subscribers consider buying shares of Abbott Labs on October 31st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $83.64. Since that recommendation, shares of Abbott Labs have risen 9.8%. We continue to monitor ABT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle abbott labs

Ticker(s): ABT