Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Adobe stock price showed a strong chart structure in recent trading sessions. The price broke above key moving averages reflecting buyers’ strength. The sellers were wary of the competition and waited for a decline to show their influence. But seeing the rise, they were closing their positions and stayed on the sidelines. The buyers kept making long positions and steadily moved toward the upper trajectory.
ADBE stock price was $526.68 with an intraday gain of 1.98% for the day, showing bullishness in the last trading session. The trading volume for the day was 2.526 Million. The market cap of ADBE stock was $239.797 Billion. The stock displayed the bulls’ strength and holding onto the gains.
On the daily charts, Adobe stock stayed on the top, near the supply zone, holding the gains convincingly. Buyers have an edge and have dominated the past few trading sessions. Moreover, the price persisted in forming higher highs, and sellers were trapped during the rebound.
As per the technicals, analysts maintained a buy rating, and the target price of $600 showed bullishness.
Adobe Stock Price Has the Potential to Reach $660 Mark; Analysts Suggest
36 analysts rated adobe stock in the past 3 months in which 20 of them rated ADBE stock a ‘strong buy,’ 3 of them gave a ‘buy’ rating, 12 suggest ‘hold.’ The overall weightage is on the buying side.
29 analysts gave price forecasts for the 1 year with an average price target of $601.10, a maximum target of $660.00, and a minimum target of $441.00.
Technical Analysis: What The Next Move of Adobe Stock Price in 1-D Time Frame
Currently, Adobe stock (NASDAQ: ADBE) is trading above the 50 and 200-day exponential moving averages (EMAs), which are supporting the price momentum.
Nevertheless, if buying volume adds up, then the stock price might support bullish momentum by making higher highs and new highs. Hence, the Adobe price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 51.41 points. The 14 SMA is below the median line at 43.13 points which indicates that the Adobe stock is bullish.
The MACD line at 4.43 and the signal line at 4.85 are below the zero line. A bullish crossover is observed in the MACD which signals strength in the momentum of the ADBE stock price.
Summary
Adobe stock price bounced back after a short correction and the sellers were trapped during this correction phase. Key indicators like MACD, RSI, and EMAs are indicating bullish signs on the daily chart. However, investors and traders should avoid FOMO and wait for proper setup before the next move.
Technical Levels
- Support Levels: $500.00 and $455.40
- Resistance Levels: $570.58 and $550.00
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/10/07/adobe-stock-adbe-stock-price-bounce-back-570-in-sights/