ADBE still stuck within tight trading range


Adobe Systems Inc (ADBE) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
ADBE unable to break through key resistance level
ADBE fails to close above 20-day moving average
ADBE closes lower for the 2nd day in a row
ADBE still stuck within tight trading range
ADBE closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ADBE ended the week 0.17% higher at 253.70 after losing $0.10 (-0.04%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for ADBE
Volatility

Friday's trading range was $3.45 (1.37%), that's below last trading month's daily average range of $5.35. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 251.50 and 255.75 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 254.72, the stock closed below it after spiking as high as 254.95 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 254.95 during the day, the market found resistance at the 20-day moving average at 254.71.

Trend

Although the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the close-by swing high at 255.75 where further buy stops might get triggered. With prices trading close to this year's high at 263.83, upside momentum could accelerate should Adobe Systems be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Adobe Systems Inc
Condition Forecast Direction Win Avg Worst Best Events
Bearish Break through SMA 50 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
High close to previous High TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ADBE breaks below 50-day moving average

Aug 15, 2018
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