Bears Appeared - Abbott Labs

Published on Wednesday, 22 February 2012 04:30 Written by TradersHuddle Wire

New York, February 22nd (TradersHuddle.com) - Shares of Abbott Laboratories (NYSE:ABT) ended the trading session lower by $0.27 or -0.47% from its previous close. Abbott Labs' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Abbott Laboratories (NYSE:ABT) 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. The company was founded in 1888 and is based in Abbott Park, Illinois.

Abbott Labs' current stock range is defined by calculated support defined at $48.96 and by the resistance level at $56.84, which should be used by traders planning their trades.

Traders wanting to establish a position in Abbott Labs stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Abbott Labs shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: