Above Resistance: Adobe
Published on Thursday, 03 January 2013 08:04 Written by TradersHuddle Wire
New York, January 3rd (TradersHuddle.com) - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) closed the session at $38.34 just above calculated resistance at $38.25. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a 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.
The stock was trading in a well defined range with support at $32.14 and resistance at $38.25. Given that this range was broken, traders will be closely monitoring Adobe's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Adobe is still near the broken resistance level, traders will be focusing on the $38.25 level to see if the stock holds the breakout without rolling over.
- 'Unusual Event' Declared and Ended at Susquehanna Nuclear Plant
- PPL's Presentation to be Webcast from Barclays Conference
- Court Ruling Removes Final Hurdle for Susquehanna-Roseland Line Construction
- PPL to Pay Quarterly Stock Dividend Oct. 1
- Power Line Construction Set to Begin in Delaware Water Gap National Recreation Area
- PPL Presentation at Goldman Sachs Conference Aug. 8 to Be Webcast
- PPL Corporation Reports Second-Quarter Earnings
- PPL Corporation to Conduct Webcast on Second-Quarter 2013 Results
- Operators Reconnect Unit 1 at PPL Susquehanna to Power Grid After Completing Valve Repair
- Unit 1 at Susquehanna Nuclear Power Plant Disconnected from Grid for Valve Repair
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines