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

By Shiri Gupta

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. Yesterday's price range of $275.45 and $278.90 is within the prior day'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 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 (NASDAQ:ADBE) is currently priced 9.7% above its average consensus analyst price target of $248.64. Adobe Sys Inc shares have support at the 50-day moving average (MA) of $263.95 and additional support at the 200-day MA of $252.20.

Adobe Sys Inc share prices have moved between a 52-week high of $279.00 and a 52-week low of $204.95 and closed yesterday at 34% above that low price at $275.45 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Adobe Sys Inc and will alert subscribers who have ADBE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle adobe sys inc

Ticker(s): ADBE