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Possible Bearish Inside Day Candle Pattern Detected for Adobe Sys Inc (NASDAQ:ADBE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Adobe Sys Inc (NASDAQ:ADBE) based on the price action in the company's shares. Today's price range of $247.52 and $247.52 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Adobe Sys Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Adobe Sys Inc (NASDAQ:ADBE) has potential upside of 0.5% based on a current price of $247.52 and analysts' consensus price target of $248.64. The stock should find initial support at its 200-day moving average (MA) of $245.75 and further support at its 50-day MA of $234.93.

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies. The Company's products allow users to express 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.

Adobe Sys Inc share prices have moved between a 52-week high of $277.61 and a 52-week low of $179.34 and are now trading 38% above that low price at $247.52 per share. The 200-day and 50-day moving averages have moved 0.14% higher and 0.17% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Adobe Sys Inc on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $229.95. Since that recommendation, shares of Adobe Sys Inc have risen 7.8%. We continue to monitor ADBE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle adobe sys inc

Ticker(s): ADBE