Adobe Stock Price Stays Above 20 DMA, Will It Reach $350 Before the End of October?

• Adobe stock price rose 2.34% to $299.83 on Thursday.
• NASDAQ: Adobe price remains above the 20-day moving average on the daily price scale.
• Daily RSI Indicator Semi-line (50 Points) is going to recover later.

Adobe Inc. is about to enter the metaverse with a new software tool that will support the creation of 3D content. Adobe unveiled its new tools on Thursday. Adobe forecasts revenue of $19.1 billion to $19.3 billion in 2023, with normalised EPS of $15.15 to $15.45. Adobe also stated that digital media will generate an estimated $1.65 billion in new annual cash flow.

According to Adobe Inc.’s technical analysis, market sentiment appears to be weak in the long run. On the other hand, the current price zone is favourable for new investments, as the price is consolidating above the 60-day low zone in October.

In the context of daily price scale, the $275 to $280 zone acts like a demand zone for swing traders. This support zone already provided pump prices twice in the last few days. But eventually, buyers pushed the ADOBE price higher to the 20 day moving average (white). As of now, this moving average may deliver more support. 

The conceptual round level $300 puts pressure on buyers, thus Adobe stock price fell here multiple times. Again Pre-market opening shows positive opening in values. although, Thursday was a nice trading session for investors as asset price was up 2.34% and closed at $299.83 mark. Moreover, trading volume is high, suggesting volatile market and overnight it reported at $5.5 Million. 

On the daily price chart, the RSI indicator is about to reach a recovery semi-line (50 points) later. However, it was rejected once by the same level in early September. Moreover, the MACD indicator is moving towards the neutral zone after a bullish crossover with a higher histogram.

Also Read: APE COIN Price Analysis: APE coin price is in a strong consolidation as it gets ready for a big move, will it give a bullish breakout?

Conclusion

NASDAQ: Adobe stock price is trading well above the 20-day moving average. The global market looks positive from the last session. In particular, the MACD and RSI suggest a positive trend in the asset price, hence buyers can push the price higher towards the $350 resistance.

Support level – $275 and $250

Resistance level – $330 and $365

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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