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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. Today's price range of $95.80 and $96.55 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. 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, Abbott Labs share prices have been bracketed by a low of $61.61 and a high of $97.75 and are now at $96.26, 56% 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) is currently priced 29.2% above its average consensus analyst price target of $68.13. Abbott Labs shares have support at the 200-day moving average (MA) of $84.21 and additional support at the 50-day MA of $81.95.

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: bearish inside day candle abbott labs

Ticker(s): ABT