ADBE Long - Bullish

I decided to enter a long trade on ADBE before the market closed today. ADBE is a fundamentally strong company with a wide moat/competitive advantage. Despite the company beating its most recent Earning estimates, the price of Adobe dropped by -23.50% ($164) from its previous high ($702) over the last 29 days. Due to the strong fundamentals I believe that the current correction was an irrational one and typical of market behaviour in the short term. In the short term the stock markets are not guided through rational price movements, rather its driven by market manipulation, news and events. Due to the above I was satisfied with the current short term discount of ADBE it is currently below its intrinsic value.

In addition to the fundamentals discussed above, the technical analysis shows a potential reversal in the stock price. My conclusion comes from examining the following and as shown on the attached chart image/link:
- Fibonacci Retracement
- Bounce of the 50 SMA on Weekly Candles
- Bounce of the previous resistance/current support level
- Breach of the previous swing low candle and price reversal above it
- Bullish Hammer candle pattern

Due to the above and as per my image attached, I believe ADBE will go long, my profit target exit price on the trade is denoted by the TP levels in the attached image @ approximately: $615, $640 or $660.

I entered a long trade with 100 shares. Hopefully this has been helpful for the trading community.

Thank you,
Bojan Cerberus