Saturday, February 09, 2008

ADBE Analysis for 02.09.2008

ADOBE SYSTEMS INC. - ADBE

Monthly chart shows selling pressure off its highs in October 2007. The move up looks corrective in nature. The move up off the 2003 low looks to be a B wave. IF the move up is a B wave, THEN look for a C wave to complete the pattern. The C wave correction will likely see the minimum downside target of the .618 fib level. Kaufman Brothers upgraded the stock from a "hold" to a "buy" this week. There is no buy signal/pattern on this timeframe as of yet.
Weekly chart shows increased selling pressure the past 2 weeks. No buy signal/pattern evident on this timeframe.
Daily chart shows early buyers getting ready to get back into stock. No strong buy signal/pattern evident on this timeframe. Expect possible consolidation and trading range before next large move. Look for sell signals off any rallies to enter sell short.

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