Is Adobe Breaking Out?

Published on Monday, 27 February 2012 08:12 Written by TradersHuddle Wire

New York, February 27th (TradersHuddle.com) - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) closed the trading session at $33.41 just above calculated resistance at $33.06 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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 $33.06, given that this range was broken traders will be closely monitoring the stock