Bears Appeared on Adobe
Published on Monday, 23 July 2012 05:00 Written by TradersHuddle Wire
New York, July 23rd (TradersHuddle.com) - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) ended the trading session lower by $0.43 or -1.33% from its previous close. Adobe's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Adobe Systems Incorporated (NASDAQ:ADBE) develops, markets, and supports computer software products and technologies. The Company's products allow users to present and use information across all print and electronic media. Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information. The company popular Acrobat Reader allows companies and consumers to exchange a wide variety of electronic information and documents.
Adobe's current stock range is determined by calculated support defined at $29.52 and by the resistance level at $32.11, which should be used by traders planning their next move.
If traders want to establish a position in Adobe, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Adobe for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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