Adobe rallied in the spring on AI optimism. It continued higher in the fourth quarter before pulling back, and now dip buyers may get active.
The first pattern on today’s chart is the price zone between roughly $560 and $570. The software company peaked there in September and October, but is now trying to hold it. Has old resistance become new support?
Second, ADBE bounced at its 100-day simple moving average (SMA) in late October. Friday’s low was near the same line. That may suggest its long-term trend is still rising.
Third, the price action in the last three weeks has produced a falling wedge. An upside breakout could be viewed as a bullish reversal following the short-term pullback.
Finally, stochastics are rebounding from an oversold condition.
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The first pattern on today’s chart is the price zone between roughly $560 and $570. The software company peaked there in September and October, but is now trying to hold it. Has old resistance become new support?
Second, ADBE bounced at its 100-day simple moving average (SMA) in late October. Friday’s low was near the same line. That may suggest its long-term trend is still rising.
Third, the price action in the last three weeks has produced a falling wedge. An upside breakout could be viewed as a bullish reversal following the short-term pullback.
Finally, stochastics are rebounding from an oversold condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and a futures commission merchant licensed with the Commodity Futures Trading Commission (“CFTC”). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association (“NFA”), and a number of exchanges. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services under federal and state money services business/money-transmitter and similar registrations and licenses.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a member of NFA. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com...isclosureTSCompanies for further important information explaining what this means.