ADBE closes above its opening price after recovering from early selling pressure
Adobe Systems Inc (ADBE) Technical Analysis Report for Apr 16, 2018
ADBE finished Monday at 226.52 gaining $2.46 (1.1%) on low volume. Trading up to $3.13 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $4.28 (1.89%), that's below last trading month's daily average range of $7.66. 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 221.18 and 228.95 which it has been in now for the last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Prices are trading close to the key resistance level at 228.88. After having been unable to move lower than 222.55 in the previous session, the stock found buyers again around the same price level today at 222.95.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 228.95 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 222.55 where further sell stops might get triggered. With prices trading close to this year's high at 231.34, upside momentum could accelerate should ADBE be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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