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sandeep6883

Adobe Continuing sideways

Adobe Inc. (NASDAQ:ADBE)  
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NASDAQ:ADBE   Adobe Inc.
Trend Analysis Support and Resistance Trend Lines
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trendanalysis supportandresistance trendline
Positive Signs:
  • Bounced back from the Upward trendline running from October to May.
    Bounced back from the upper part of the flag pattern formed in the last quarter of 2022
    Spent just a week below 50DMA & 200DMA and bounced back

Negative Signs:
  • Volumes are average
    Resistance around 385-400 price

Recommendation:
Sell near 385-400 resistance zone OR wait for an upward breakout with good volume.
Komen:
Breakout on daily charts, hopefully today's close will be above 400 implying a breakout on weekly charts.
The next immediate target would be 440-450 range... Considering Adobe spent almost one year at this level, it can be a strong resistance and therefore a good point to sell some shares (partial profit booking)
Penafian

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