Adobe Inc. Stock Price Analysis: ADBE Price recovers from Bottom, Will it Sustain?

• ADBE price shows a 2.28% increase in the last 24 hours. 
• Currently, 53.17%, down from its highest price level this year, but gaining ground rapidly.
• A very strong bullish candle in the weekly chart suggests a bullish run. 

California-based Adobe Inc. is on a seemingly good run, with its stock price rising by 2.28% in the last 24 hours. At the time of writing, the price was $338.17. Its daily range is from $332.65 to $338.27. Its previous close was at $330.64. Today, it opened with a bang at $334.76. Its 52-week range is from $247.73 to $636.00. This pimples that the price is exactly 53.17% down from its highest level in 2022. Its market capitalization now stands at $157.22 billion, with a price tag of $405.42.

Adobe Systems Incorporated was founded in 1982 by John Warnock and Charles Geschke; they established it after leaving Xerox PARC to develop and sell PostScript description language. Its subsidiaries are Fotolia, Mixamo, Marketo, Workfront, and Frame i.o. Etc. 

Daily Chart Analysis.

The daily chart analysis shows an upward trend, with S1 & S2 at 274.18 & 255.72, respectively, and R1 & R2 at 398.81 and 451.43, respectively. 

From here onwards the market is supposed to be in a consolidation state for a bit. Then a possible outbreak towards the north is expected. But, in case the price drops below the trend line, it will take some time to recover and come up again, forming a bullish pattern. 

Weekly Chart Analysis.

The weekly chart gives some interesting insights into ADBE price behavior. The indicated strong bullish candle in the weekly chart suggests a very strong bullish pattern.

Although the market is supposed to be in a consolidation state for some time before breaking out the R1 and R2 at $398.81 and $451.43, in case the price drops significantly, it is supposed to find S1 & S2 at $274.18 and $255.72, respectively. 

There are subtle signs for buying present in the market, although nothing can be said for sure. 

Brief History of Adobe.

The company was named after Adobe creek, which runs behind the house of one of its founders John Warnock, in Los Altos, California. John and Charles Geschke founded Adobe Systems Incorporated in 1982 to develop and sell page description language PostScript. Later they produced PhotoScript, which allowed users to print from their personal computers to external printers. This seems a nominal task, but it was a big bead in the 80s. 

It changed its name to Adobe Inc. in 2018. Their main competitors in the market are Google, IBM, Oracle, Amplitude, Kissmetrics, Glassbox etc.  

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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