Adobe (ADBE) continues to find new ways to hit the new highs list. Recently I have been using some of Adobe's online forms and have been amazed by all the interesting software application techniques. The stock move suggests I am not the only one noticing something in Adobe's software. After consolidating for 2-months, the stock is pushing to new highs on a flat day for the overall market.
The SCTR ranking continues to power on, suggesting ADBE is stronger than most stocks in the market. While the summer volume is a little light, it was that way for all of July and August in 2016 as well. Bottom line, if there was an ADBE form for new highs, I'd be filling it in pretty often based on this chart.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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