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Brennan Basnicki
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Proprietary Trader at DV Trading, level 3 CFA and level 3 CMT candidate, MSc Investment Analysis with distinction, and B.A. politcs. Most importantly, I am a student of the markets, and far from considering myself an expert. Having began trading in 2008 I am very critical of the investment... More
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DV Trading
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Canadian Coalition Against Terror
  • Adobe: Short Term Bearish, Long Term Mixed 3 comments
    Dec 4, 2012 8:53 AM | about stocks: ADBE

    I had a quick long on Adobe (ADBE) last week that worked out quite well, and am now considering flipping sides. Below is a quick glance of what I am looking at:

    (click to enlarge)

    Note the following:

    • RSI hitting upper resistance
    • Price hitting upper resistance in upper channel
    • Price hitting resistance in horizontal trend line
    • Divergence in MACDs
    • Slow stochastic indicating overbought condition
    • Declining volume on higher prices

    The weekly shows an inverse head and shoulders pattern could be forming. However until the neckline is breached on high volume, I think one must remain bearish. One could also consider a volatility strategy such as a long strangle at or long straddle at $35.

    (click to enlarge)

    For further technical analysis, check out my partner site

    Brennan Basnicki

    Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in ADBE over the next 72 hours.

    Themes: Technology, short Stocks: ADBE
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  •  
    Given yesterdays price action the broad market (bearish - Pop-N-Drop) ADBE looks as sexy as it gets almost.... may squeeze a little higher this morning, but then bombs away I think.. Im looking to short it intraday :)
    4 Dec 2012, 09:34 AM Reply Like
  •  
    just got your squeeze! ;)
    4 Dec 2012, 09:40 AM Reply Like
  •  
    Can't say I expected that move today; don't think we can be bearish anymore if we close up here
    4 Dec 2012, 03:02 PM Reply Like
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