Adobe Although I still feel this stock is oversold and I think we visit 480's by Thanksgiving; Right now its Temporarily oversold.
First target -595
Second target- 602 gap close
Final target - 618 gap close
1ADBE trade ideas
ADBE Elliot wave and Wyckoff analysisNASDAQ:ADBE
Extending to the left you can see the monthly 0-1-2 fib extensions, on the right are the 2-3-4 fib extensions. As you can see there is still a lot of room to the upside on the monthly 5. Looking down into the weekly, you can see we have just finished a 2-3 move up out of a Wyckoff re-accumulation.
At the deepest part of the monthly 4 you there was a spring up with high buying volume, ending the negative Weis wave momentum and starting a new daily and weekly EW. We just finished the daily EW and the 2-3 of the weekly and you can see on the daily chart that volume has been ramping down in preparation for a correction. The stochastic is overbought but is showing a false bar so I don't recommend shorting at this time (or trading a 4).
I am watching for an ABC corrective move down from the current levels on the daily chart -- this should form the weekly 4 which once that is over I will re-enter a long position.
$ADBE with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $ADBE after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 75%.
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Adobe going into earnings 🐻Yellow lines - Rising wedge
White lines - Bull flag
Green lines - Primary trendline
RSI - descending triangle... Divergence
Trading at the top of a rising wedge the lowering volume tells me that the distribution has started .
I think we see a drop to the 550 area or wedge support in the next 30-45days. I know that seems steep but as the saying goes "Steps up, elevator down".
Adobe just hit another all time highThis is a weekly, Heikin Ashi chart on ADBE with focus on the past 51 weeks …
ADBE continues to experience a bullish run, up from $490 to $640, in past 11 weeks, and up $200 since early March 2021, when it was $440 per share.
The chart show ADBE drifting sideways for 40 weeks, prior to the recent 11 week rally.
Market cap is above $300 billion (might be 10th largest in NDX).
If the NDX is going to move up from low 15100 range, then ADBE is going to be one of the engines that pulls this train.
Not sure that it’s giving a clear overbought signal here. Good tech company to own for the long haul.
MRI sell on ADBE weeklySentiment: 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
$ADBE with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $ADBE after a Positive over reaction following its earnings release placing the stock in drift B
If you would like to see the Drift for another stock please message us. Also click on the Like Button if this was useful and follow us or join us.
ADBE BreakoutLeft Side: Weekly Chart
Right Side: 49min Chart (intraday)
Despite the market looking choppy, ADBE is making new highs. If you decide to trade this, I would look for an entry at 560 (a support touch).
Stop loss @ 556 (below support), where the stock would likely do a full gap fill if this price level is reached.
