Trading Idea - Adobe Broke Resistance, What to Expect?

Published on Thursday, 12 January 2012 06:52 Written by TradersHuddle Staff

New York, January 12th (TradersHuddle.com) - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) closed the trading session at $29.32 just above calculated resistance at $29.01 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 stock was trading in a well defined range with support at $27.40 and resistance at $29.01, given that this range was broken traders will be closely monitoring the stock