Is Adobe Closing in to Resistance?

New York, December 24th ( - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) are trading very close to calculated resistance at $38.25. The stock ended the trading session at just $37.71, which is near levels that make it difficult to buy or start a position.

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 range is defined by its calculated support defined at $32.14 and by the resistance level at $38.25; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Adobe. However, as the stock pulls back towards $32.14 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $38.25 then traders will get an opportunity to enter the stock as it moves to a higher range.

Technical Scans

Stock Market

o Dow Jones 16,772.39 ▲300.02 (1.82%)
o S&P 500 1,986.54 ▲35.18 (1.80%)
o NASDAQ 4,778.20 ▲70.42 (1.50%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,772.39 Trade time:2:51PM EDT Value change:▲300.02 (1.82%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,986.54 Trade time:2:51PM EDT Value change:▲35.18 (1.80%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:4,778.20 Trade time:2:51PM EDT Value change:▲70.42 (1.50%)

In The Wires

Copyright © 2013 All Rights Reserved.