Adobe Near the 50 Day

Published on Wednesday, 10 March 2010 07:00 Written by TradersHuddle Staff

New York, March 10th (TradersHuddle.com) - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) closed the trading day at $35.12 very close to its 50 day moving average currently set at $34.66. Adobe's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $31.28 and calculated resistance at $35.44. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Adobe will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other ley levels that might affect their upside or downside.