Adobe Has Pulled Back

1월 9일

Adobe rallied in the spring on AI optimism. It continued higher in the fourth quarter before pulling back, and now dip buyers may get active.

The first pattern on today’s chart is the price zone between roughly $560 and $570. The software company peaked there in September and October, but is now trying to hold it. Has old resistance become new support?

Second, ADBE bounced at its 100-day simple moving average (SMA) in late October. Friday’s low was near the same line. That may suggest its long-term trend is still rising.

Third, the price action in the last three weeks has produced a falling wedge. An upside breakout could be viewed as a bullish reversal following the short-term pullback.

Finally, stochastics are rebounding from an oversold condition.

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