Shares of Adobe Inc. (symbol ‘ADBE’) have performed exceptionally well over the last 3 months, reaching a 2-year high. The company’s earnings report for the fiscal quarter ending November 2023 is due for release on Wednesday 13th of December, after market close. The consensus EPS is $3.32, well up from $2.78 in the same quarter last year.
‘ The company's share price rose by around 7% in the last quarter and the financial image is also reflecting this positive update. The total assets outweigh the total liabilities at a ratio of more than 2:1 while the current ratio as of 31/08/2023 is at 125% meaning that the company is more than able to repay its short term liabilities with the current assets at hand. The net income is at a 2 year high while the return on equity is just shy of 35%. This means that the company is utilizing its shareholders equity to generate income which is viewed positively by its shareholders and making the company an attractive addition to their portfolios.’ said Antreas Themistokleous, market analyst at Exness.
From the technical analysis perspective the price has been bullish throughout the whole of the quarter with some rather minor corrections. The psychological resistance of the round number at $625 has proven to be strong enough to push the price to the downside in recent sessions and also pushed the Stochastic oscillator back in neutral levels. At the time of this report being written the 50 day moving average was trading above the 100 day moving average indicating that the overall bullish momentum is still valid. In the case that the recent correction continues in the near short term then the first point of major support could possibly be found around the $550 price area which consists of the dynamic support between the 2 moving averages, the psychological support of the round number and is also just above the 61.8% of the monthly Fibonacci retracement level.
‘ The company's share price rose by around 7% in the last quarter and the financial image is also reflecting this positive update. The total assets outweigh the total liabilities at a ratio of more than 2:1 while the current ratio as of 31/08/2023 is at 125% meaning that the company is more than able to repay its short term liabilities with the current assets at hand. The net income is at a 2 year high while the return on equity is just shy of 35%. This means that the company is utilizing its shareholders equity to generate income which is viewed positively by its shareholders and making the company an attractive addition to their portfolios.’ said Antreas Themistokleous, market analyst at Exness.
From the technical analysis perspective the price has been bullish throughout the whole of the quarter with some rather minor corrections. The psychological resistance of the round number at $625 has proven to be strong enough to push the price to the downside in recent sessions and also pushed the Stochastic oscillator back in neutral levels. At the time of this report being written the 50 day moving average was trading above the 100 day moving average indicating that the overall bullish momentum is still valid. In the case that the recent correction continues in the near short term then the first point of major support could possibly be found around the $550 price area which consists of the dynamic support between the 2 moving averages, the psychological support of the round number and is also just above the 61.8% of the monthly Fibonacci retracement level.