Is Adobe Closing in to Resistance?

New York, January 8th ( - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) are trading very close to calculated resistance at $38.73. The stock ended the trading session at just $37.94, 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 $38.73; 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 $38.73 then traders will get an opportunity to enter the stock as it moves to a higher range.

Technical Scans

Stock Market

o Dow Jones 17,813.39 ▲1.20 (0.01%)
o S&P 500 2,088.87 ▼0.27 (-0.01%)
o NASDAQ 5,116.14 ▲13.33 (0.26%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,813.39 Trade time:4:34PM EST Value change:▲1.20 (0.01%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,088.87 Trade time:4:34PM EST Value change:▼0.27 (-0.01%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:5,116.14 Trade time:5:15PM EST Value change:▲13.33 (0.26%)

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