$ADBE | [Update 2] Descending Channel: Watch For a BreakoutIn my previous $ADBE analysis I shared a bullish pattern (see below)
Price has since printed a double bottom and looks ready for upside continuation.
See my previous analysis here:
Let me know what you think in the comments and leave a like if you agree with my analysis! 👍🏽
ADBE trade ideas
ADBE - Approaching a solid baseADBE is approaching a base ahead of earnings season. This a company than posted +15% sales YoY and +80% EPS growth YoY. Furthermore, ADBE shows strong margins which prove resilience under the current Covid-setting. Operational cashflows have also grown substantially. I believe this can be a good opportunity to enter into a healthy stock with strong upside potential.
$ADBE - coiling, could break outI think this stock has been held down. It may continue to coil in its current down trend before it has a small break out. It could also break down, which is why we wait for the trade to come to us.
Watching for it break the first down trend, and then the second before it revisits that recent high.
Waiting for $478-$480, then $500 and last $515
Would consider a position after $480 with primary hold to $500, then re-enter after holding $500 for a couple of days with a target to $515-$520
ADBE - Follow up - Getting ready to rallyOn my previous post a few days ago, I highlighted this orange zone from which a bounce is highly likely if the primary count is correct.
Today we are seeing it go up with other mega caps.
Right now it look like it's making a 5 wave advance which would be a great bullish sign but we only have 3 waves up for now.
I already have a position here but I will look to add to it if we get 5 waves up followed by a correction lower which needs to remain above 453.2 !
Adobe shares nearing good buying levelsShares of Adobe (NYSE:ADBE) have pulled back nicely to the support level of a descending triangle. The share is also now within 3% of its 200MA. I will be keeping a close eye on the share in the coming days for a long term buying opportunity. This is a strong technology company with good prospects and prices are now at August 2020 levels.
Im looking at a price target of around $530 (17%) and a stop at the $425 level, given a conservative risk reward ratio of 2.2. Other supporting indicators are the MACD and RSI which both support the position that the stock is reaching oversold territory.
$ADBE currently trading at early July 2020 pricingIt's worth putting on your watch list. If you squint just right, it "maybe" looks like it is trying to enter a downtrend.
I'm not going call it oversold here, but think it is close.
I'll probably open a trade in $ADBE if it hits that $440 area.
I own shares from many years ago. Rarely trade it. It falls in that Software Infrastructure group with MSFT and ORCL among others.
ADBE short with LONG entry levelsADBE just broke the support around $463, and we are heading to another support around $438. This could be a good entry-level for long positions. The area from $417 to $438 is a big support zone.
ADOBE INC is a strong company with a strong base of customers. The perfect subscription model with a monthly fee and irreplaceable software that is used worldwide guarantees stable profits.
Entry levels LONG positions:
$438
$423
$417 - STRONG BUY
ADBE Becoming OversoldI am bringing to attention that ADBE is at an oversold territory, it is due for a bounce back up anytime soon. With any sign of momentum, oscillators will quickly be pointing towards a buy for Adobe. I would not suggest buying at market open, but rather look for a reversal on macD or similar oscillator.
I wish you great prosperity in your trading thank you for viewing.