Is Adobe Expecting Resistance?
Published on Thursday, 26 July 2012 06:44 Written by TradersHuddle Wire
New York, July 26th (TradersHuddle.com) - Adobe Systems Incorporated (NASDAQ:ADBE) closed the the trading session at $30.33, near its 50 day and 200 day moving averages currently set at $31.41 and $30.77 respectively. Adobe's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
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, placed calculated support at $29.81 and resistance at $32.11. Traders should monitor these levels, as they provide insight into the latest price dynamics in Adobe.
If traders want to establish a position on Adobe, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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