ADOBE INC.: ON MARCH 14, THE COMPANY WILL PRESENT ITS FINANCIAL REPORT FOR Q4 2023
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 529.95 |
| Take Profit | 473.00 |
| Stop Loss | 550.00 |
| Key Levels | 473.00, 530.00, 563.00, 605.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 563.05 |
| Take Profit | 605.00 |
| Stop Loss | 540.00 |
| Key Levels | 473.00, 530.00, 563.00, 605.00 |
Current trend
Shares of Adobe Inc., a leading American software developer, are in a corrective trend and are currently trading at 543.00.
As the date of the financial report approaches, the emitter increasingly reports on successful cooperation with other companies in the field of artificial intelligence (AI): for example, IBM Corp. noted that the first phase of testing generative AI tools from Adobe Inc. led to a significant increase in productivity, which contributes to the possible expansion of the partnership in the future. The Adobe Gen Studio solution was also appreciated by the Interpublic Group, which plans to implement it into its platforms and is confident that the product will perform "in the best way".
On March 14, the emitter's financial report for Q4 2023 and the entire fiscal year will be published: analysts expect Adobe Inc.'s revenue to grow from 5.05 billion dollars to 5.12 billion dollars, and earnings per share (EPS) will be 4.38 dollars, also higher than 4.27 dollars for the previous period.
Support and resistance
On the D1 chart, the instrument is trading in a lateral trend, holding just below the support line of the channel with the borders of 700.00–570.00 at 545.00.
Technical indicators hold a downward signal, which does not exclude the possibility of an upward movement after the current correction: the fast EMAs on the Alligator indicator are below the signal line, and the AO histogram is trading in the negative zone, forming new correction bars.
Support levels: 530.00, 473.00.
Resistance levels: 563.00, 605.00.
Trading tips
If the asset continues to decline and the price consolidates below the support level at 530.00 one can open short positions with the target of 473.00 and stop-loss of 550.00. Implementation time: 7 days and more.
If the local growth of the asset continues and the price consolidates above the resistance level at 563.00, one may open long positions with the target of 605.00 and stop-loss of 540.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.