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

By James Quinn

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 $290.21 and $292.34 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) is currently priced 14.5% above its average consensus analyst price target of $248.64. The stock should discover initial support at its 200-day moving average (MA) of $277.58 and subsequent support at its 50-day MA of $277.35.

In the past 52 weeks, shares of Adobe Sys Inc have traded between a low of $204.95 and a high of $313.11 and are now at $290.86, which is 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

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.

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 inside day candle adobe sys inc

Ticker(s): ADBE