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ADBE closes above its opening price after recovering from early selling pressure


Technical Analysis Report for ADBE - Apr 16, 2018 [1 min read]
Highlights
ADBE closes above its opening price after recovering from early selling pressure
ADBE ends the day on a bullish note closing near the high of the day
ADBE finds buyers again around 222.95
ADBE still stuck within tight trading range
ADBE closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for ADBE
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Low close to previous low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing High TQ Pro Members Only
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