ADOBE INC.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 615.00 |
| Take Profit | 670.00 |
| Stop Loss | 600.00 |
| Key Levels | 500.00, 535.00, 567.00, 568.00, 600.00, 604.00, 633.00, 670.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 586.00 |
| Take Profit | 535.00 |
| Stop Loss | 595.00 |
| Key Levels | 500.00, 535.00, 567.00, 568.00, 600.00, 604.00, 633.00, 670.00 |
Shares of Adobe Inc., a leading American software developer, are moving in a corrective trend at 604.00.
On the daily chart, the price is rising and left a sideways corridor of 567.00–500.00 yesterday.
On the four-hour chart, after back-testing the channel resistance level of 568.00, the quotes reversed and are forming a new growth wave, which will soon overcome the local trend high of 633.00, after which it may reach 670.00.
Technical indicators gave a buy signal: the EMA fluctuation range on the Alligator indicator is expanding upward, and the AO histogram is forming ascending bars in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 615.00 with the target at 670.00. Stop loss – 600.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 586.00 with the target at 535.00. Stop loss – 595.00.
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