Adobe stock has underperformed in the last month, plummeted by 1.53%, and rose by 42.40% in the last six months. Adobe Inc. (NASDAQ: ADBE) stock has a positive year-to-date return of 50.42% and a positive one-year return of 16.06%. The average volume is 2.648 Million and the current volume is 2.456 Million where the current volume is below average volume.
Moreover, the market capitalization of ADBE stock is $233.219 Billion and the total revenue is $17.43 Billion. Moreover, the stock’s basic EPS is $10.50 and the price-to-earnings ratio is 49.10. Adobe Inc (ADBE) stock has a debt-to-equity ratio of 24.5%, as reported by Simply Wall St, a financial analysis website. This highlights that it has less debt than equity, which is the difference between its total liabilities of $13.00 Billion and total assets of $27.84 Billion. Adobe stock’s debt is $3.63 Billion, while its equity is $14.84 Billion.
Adobe Inc. publicized the upcoming earnings and revenues report on Thursday, 14 September 2023. Where earnings estimate is 3.973 and revenue estimate is 4.866 Billion.
ADBE Stock Price Technical Analysis in 1-D Timeframe
The price action shows that Adobe Inc.’s ( NASDAQ: ADBE) stock price was in an uptrend from the last three months increasing by 40.96%. On July 6th, the stock took support on the demand zone around $473.29 where liquidity was present, and faced rejection after reaching $552.94 and the price fell.
At the time of writing, Adobe stock (ADBE) is trading at around $511.67 and facing the nearest resistance around $525.47 and most probably Adobe stock might decline more as selling pressure is high and drop back to the liquidity demand zone.
Therefore, if Adobe fails to maintain the current level. The ADBE price could continue to drag downwards and hit the nearest support levels around $495.60 and $488.41.
However, if the stock price sustains the current level and Adobe’s price increases, then it might reach the nearest resistance levels of $525.47 and $541.35.
At the time of publishing, Adobe Inc. (NASDAQ: ADBE) is trading below the 20-day exponential moving average (EMA), which declines the Adobe price (ADBE) trend.
Furthermore, a 50-day EMA is supporting the price if more selling volume rises in Adobe stock then the price might capture supporting EMA by making lower highs and lows.
Hence, the Adobe price is anticipated to fall downwards as EMA’s are showing a bearish outlook over the Adobe Inc. daily time frame chart.
The current value of RSI is 48.84 points. The 14 SMA is above the median line at 56.49 points which indicates that Adobe stock is in bearish territory and the RSI line took rejection from 14 SMA and is headed towards an oversold zone indicating bearishness.
The MACD line at 4.01 and signal line at 7.90 are above the zero line and both lines have crossed each other. A bearish crossover is noticed in the MACD oscillator which expresses bearishness for the Adobe stock price.
Summary
Adobe Inc. (NASDAQ: ADBE) highlights the bearish sentiments of the investors and traders of the stock on the daily time frame chart. At the time of publishing, the price action highlights a bearish view. The technical oscillators for Adobe stock price also support a bearish trend. The RSI, EMA, and MACD highlight downward signals and indicate that a downtrend may resume in Adobe stock price.
Technical Levels
- Support levels: The nearest support levels for Adobe stock price are $495.60 and $488.41.
- Resistance levels: The nearest resistance levels for the Adobe stock price are $525.47 and $541.35.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/18/adobe-stock-price-prediction-adbe-turned-into-a-falling-knife/