ADBE Broke out of a falling wedge pattern to the upside today on the daily chart, held the 20d ema line as support and closed above recent highs. Expect to see a strong continuation move in the coming days.Also of note, we saw some bullish unusual options activity late last week with 5k $420.00 strike (deep ITM) Jan'21 calls traded Friday vs open interest <300 or 19 times OI. These contracts were over $8k each for a total premium outlay of $42.1M - this was likely a large hedge fund trade.
Near term target - $540-$560 range by late October
Note This is NOT investment advice.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.