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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $343.83 and $345.99 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. Traders and investors interested in shares of Adobe Sys Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Adobe Sys Inc share prices have been bracketed by a low of $231.96 and a high of $347.27 and closed yesterday at $345.38, 49% above that low price. The 200-day and 50-day moving averages have moved 0.53% higher and 1.72% higher over the past week, respectively.

Based on a current price of $345.38, Adobe Sys Inc is currently 28.0% above its average consensus analyst price target of $248.64. Adobe Sys Inc shares have support at the 50-day moving average (MA) of $314.84 and additional support at the 200-day MA of $291.02.

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 November 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $279.55. Since that recommendation, shares of Adobe Sys Inc have risen 22.7%. We continue to monitor ADBE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle adobe sys inc

Ticker(s): ADBE