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

By Amy Schwartz

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. Yesterday's price range of $85.93 and $86.57 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 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 (NYSE:ABBV) has potential upside of 31.2% based on a current price of $86.31 and analysts' consensus price target of $113.26. The stock should find initial support at its 50-day moving average (MA) of $75.89 and further support at its 200-day MA of $75.56.

Abbvie Inc share prices have moved between a 52-week high of $94.98 and a 52-week low of $62.66 and closed yesterday at 38% above that low price at $86.31 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has risen 0.2%.

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.

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

Keywords: bearish am inside day candle abbvie inc

Ticker(s): ABBV