After Yesterday's Rally of 2.26% Shares Could Potentially Pullback
Adobe Systems (NASDAQ:ADBE) traded in a range yesterday that spanned from a low of $107.37 to a high of $108.88. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $108.16 on volume of 833,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Adobe Systems share prices have moved between a 52-week high of $111.09 and a 52-week low of $71.27 and are now trading 53% above that low price at $108.75 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.3%.
SmarTrend recommended that subscribers consider buying shares of Adobe Systems on July 15th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $97.95. Since that recommendation, shares of Adobe Systems have risen 8.4%. We continue to monitor ADBE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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