Adobe Systems Inc

By root | January 07, 2008 AAA

Today we've chosen to take a look at Adobe Systems Inc (Nasdaq:ADBE) because an interesting broadening formation has appeared on the chart. The formation shown below is considered to be a reversal pattern and it is commonly used by traders to predict the shift in a prolonged trend. The two trendlines diverge from the apex and the pattern resembles a reversed version of a symmetrical triangle. Today's move below the bottom trendline suggests that the bears are taking control of the momentum and we could see the price move toward the top of the gap ($36.50). A move below the dotted line will cause traders to set their targets at $34.



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