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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 $151.22 and $152.18 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.

Over the past year, Adobe Sys Inc has traded in a range of $90.35 to $152.59 and is now at $151.30, 67% above that low. The 200-day and 50-day moving averages have moved 0.27% higher and 0.96% higher over the past week, respectively.

Adobe Sys Inc (NASDAQ:ADBE) has potential upside of 5.1% based on a current price of $151.30 and analysts' consensus price target of $158.94. The stock should find initial support at its 50-day moving average (MA) of $91.82 and further support at its 200-day MA of $87.29.

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 recommended that subscribers consider buying shares of Adobe Sys Inc on June 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $145.10. Since that recommendation, shares of Adobe Sys Inc have risen 4.9%. 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