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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abbvie Inc (NYSE:ABBV) based on the price action in the company's shares. Today's price range of $96.52 and $97.09 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 Abbvie Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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 $97.86 and is now at $97.01, 55% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

Potential upside of 16.8% exists for Abbvie Inc, based on a current level of $97.01 and analysts' average consensus price target of $113.26. The stock should discover initial support at its 50-day moving average (MA) of $87.99 and subsequent support at its 200-day MA of $77.91.

SmarTrend is monitoring the recent change of momentum in Abbvie Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Abbvie Inc in search of a potential trend change.

Keywords: bearish inside day candle abbvie inc

Ticker(s): ABBV