Adobe Closing in to Support

Published on Wednesday, 25 August 2010 20:08 Written by TradersHuddle Staff

New York, August 25th (TradersHuddle.com) - Shares of Adobe Systems Incorporated (NASDAQ:ADBE) are trading very close to calculated support at $27.21 with current price action closing at just $27.48 places the stock price near levels where traders will start paying attention.

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 current stock range is defined by current calculated support defined at $27.21 and by the resistance level at $29.76, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Adobe's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $29.76 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.