Sentiment: Bullish - sideways
This week (week 30) there will be an MRI sell on ADBE indicating the probability of an 1 to 4 week correction.
As you can see on the chart last week's candle was a very strong up candle so it has yet to be seen if we can get the correction or not. For me it all depends on the candle we will print this week.
Especially having the MAs (20, 50, 100) trending up which is an indication of a strong uptrend.
Although the MAs are still indicating a strong uptrend looking at the daily chart we may expect a possibility of supporting the MRI sell we saw on the weekly. If the doji that was printed Friday evolves into an evening star, we may well see a correction in ADBE.
This correction ideally would take us back to the 20 MA, from where the uptrend can then continue.
As always, this is not trading advice, but only my views on the market.
Please do your own research before entering any trade.
Happy trading
This week (week 30) there will be an MRI sell on ADBE indicating the probability of an 1 to 4 week correction.
As you can see on the chart last week's candle was a very strong up candle so it has yet to be seen if we can get the correction or not. For me it all depends on the candle we will print this week.
Especially having the MAs (20, 50, 100) trending up which is an indication of a strong uptrend.
Although the MAs are still indicating a strong uptrend looking at the daily chart we may expect a possibility of supporting the MRI sell we saw on the weekly. If the doji that was printed Friday evolves into an evening star, we may well see a correction in ADBE.
This correction ideally would take us back to the 20 MA, from where the uptrend can then continue.
As always, this is not trading advice, but only my views on the market.
Please do your own research before entering any trade.
Happy trading