Recovery for Adobe Systems Inc (NASDAQ: ADBE) Says Market Timer Frank Kollar
April 30, 2009 (FinancialWire) (By Frank Kollar)
Shares of Adobe Systems Inc (NASDAQ: ADBE) have risen a dramatic 70% since their bear market lows in early March. Pretty good for only two months.
Adobe has always been a volatile stock, but in that volatility, if it trends, is the potential for profits.
Adobe’s decline from its 2007 highs at $48 a share to $15.70 at its lows leaves a lot of upside still ahead if the uptrend continues.
We are looking for Adobe to recover to at least the 50% retracement level of is 2007-2009 decline at $31 a share. That leaves 16% still ahead. Though short term profit taking can slow things down along the way, if $31 is surpassed, look for $34.64 before the advance runs out of steam
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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