ADBE Technical Analysis

Today we'll analyze the Stock ADBE for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 35.33$ (03/28/08) to 37.25$ (04/01/08) a 1.92$ move
2- The current bearish trend started from 37.25$ at 04/01/08 and is currently trading at 36.42$.

3- The stock current support level is at 36.29 which is the 50.00% fibonacci retracement of the last 1.92$ move.
4- The stock current resistance level is at 36.52 which is the 38.20% fibonacci retracement of the last 1.92$ move.
5- According to ADX, the trend is currently strong bullish,which is becoming weaker.
Short term chart patterns :

6- The Stock formed Double Top Pattern at 37.25.
7- The Stock formed a 6.41$ height triangle which was broken down at 36.5 in higher than usual volume, target of the pattern is 30.09.
Mid term chart patterns :

8- The Stock was resisted by a resistance line, identified by two points: 35.87 and 44.62 that was broken up at 34.75 transforming into a supporting line.
Long term chart patterns :

9- The Stock was resisted by a resistance line, identified by two points: 35.87 and 44.62 that was broken up at 34.75 transforming into a supporting line.

Conclusion:
ADBE was trading in a strong bullish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .

Resistance Levels: 36.52, 36.62, 36.74, 36.80, 36.83, 36.93, 37.25, 37.26, 37.39, 37.45, 40.53, 40.59, 40.90, 41.27, 41.79, 42.71.
Support Levels: 36.29, 36.06, 35.33, 34.81, 34.14, 31.66, 31.53, 31.51, 30.69, 30.28, 30.09, 29.98, 29.55, 28.40, 28.38, 28.29, 21.67, 20.58, 20.51, 18.87, 18.76, 17.97, 17.44, 16.91, 16.90, 15.88, 14.31, 9.42, 9.09, 8.40, 6.41, 6.37, 5.75, 5.21, 4.82, 4.77, 3.67, 3.42, 3.41, 3.24, 3.05, 2.98, 2.93, 2.64, 2.46, 2.24, 2.24, 2.12, 1.56, 1.34, 1.25, 1.19, 0.88, 0.82, 0.80,.