Adobe Is Near its 200 Day Moving Average

Published on Wednesday, 06 June 2012 06:48 Written by TradersHuddle Wire

New York, June 6th (TradersHuddle.com) -Adobe Systems Incorporated (NASDAQ:ADBE) closed the trading session at $30.71 near its 200 day moving average set at $29.60. Adobe's price action is just above this key support level, grabbing traders' attention for a possible 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.

The latest price action range, defined by a peaks and troughs algorithm, places calculated support at $29.81 and resistance at $34.09. These levels will provide insight for the stock's latest price dynamics.

Traders wanting to establish a position on Adobe will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.