ADBE dominated by bulls lifting the market higher throughout the day
Adobe Inc. (ADBE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ADBE ended the week 3.71% higher at 379.67 after gaining $4.83 (1.29%) today, outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 379.67 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 377.71, the share confirmed its breakout through the previous session high after trading up to $2.09 above it intraday.
Daily Candlestick Chart (ADBE as at Feb 14, 2020):
Friday's trading range has been $3.95 (1.05%), that's far below the last trading month's daily average range of $6.39. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ADBE.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Wednesday, ADBE gained 0.15% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Adobe. Out of 84 times, ADBE closed higher 51.19% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.29% with an average market move of 1.32%.