Tickers in this Article: ADBE
The bulls managed to send the price of Adobe Systems Inc. (Nasdaq:ADBE) above an influential level of resistance. As you can see from the chart below, the ascending trendline did act as a strong level of support in the past and now many are wondering if this will be the case again. Today's close above the resistance level is technically significant because it shows that the bulls are still in control of the direction. We'll set our short-term target near $45 and it wouldn't be surprising to see traders protect their long positions by placing a stop-loss order below the trendline.