Stock of the day: Adobe

By Tomasz Wisniewski|

Published: May 05 2023, 11:01 GMT+0

Stock of the day: Adobe

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We’ll finish this week with a quick update on Adobe, which currently presents a good mid-term trading opportunity. The last time we analyzed this instrument was at the beginning of December when the price was testing the long-term downtrend line. Back then, the situation was still bearish, but we stated that a breakout of that downtrend line could give us a buy signal:

“A price closing above those two [levels] will be a legitimate long-term buy signal, but as long as we stay below them, buyers have to hold their horses.”

The breakout eventually happened in the middle of December and led to a $60 increase. After setting local highs around $400, ADBE reversed. In the past few months, the price managed to create a symmetric triangle pattern (black). The reason we’re here is that yesterday, ADBE managed to break out of that triangle to the downside.

The breakout of the lower line of the triangle is definitely bearish and gives us a proper signal to sell. The target is the lows from the previous year, and the chances that we’ll get there are quite high.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-adobe

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