On March 10
, we mentioned that Adobe Systems Inc (Nasdaq:ADBE
) was trading near an influential level of support
. We noted that many traders would likely add this stock to their watchlists
because it has been trading within a defined trading range over the past few months. We suggested that the bulls would watch for a bounce off the trendline
and that bearish traders would watch for a close below the $32 level to signal a continuation of the downtrend. As you can see from the chart below, today's close below the horizontal support level suggests that the bears have won the battle and that we could expect to see the stock continue its trend lower.