Long

Adobe - Preparing a multi year breakout!

Updated

has been consolidating for some time and is definitely ready for a breakout.

Adobe is a stock, which is clearly heading higher on a macro perspective. Just two months ago, Adobe actually retested an important horizontal structure and managed to create bullish confirmation, followed by a reversal towards the upside. Eventually, Adobe will also break out of the ascending triangle formation, which has been forming over the past 5 years.

Levels to watch: $650

Keep your long term vision,
Philip - BasicTrading

Note

Quick update on Adobe:

Sometimes, market structure is sooo clear and obvious, that you want to go all in on a single trade (never do this please!). Adobe just rejected support and it is quite unlikely that we will see another retracement soon. Target: all time high!

Levels to watch: $650, $450

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