ADBE Broke out of a falling wedge pattern to the upside today on the daily chart, held the 20d ema line as support and closed above recent highs. Expect to see a strong continuation move in the coming days.
Also of note, we saw some bullish unusual options activity late last week with 5k $420.00 strike (deep ITM) Jan'21 calls traded Friday vs open interest <300 or 19 times OI. These contracts were over 8k each for a total premium outlay of 42.1M - this was likely a large hedge fund trade.
Near term target - $540-$560 range by late October
How do you feel about where they are currently at? I want to play them back to 500 but they're floating at 485ish so don't know which direction they want to go.
Triple_Barrel_Capital
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@lukeam, Well it got back to $499.49 today at the high. I am still bullish here going forward, as long as it doesn't have a close below that 50d ema line. I still think it will reach my target, my timing my be a little overly optimistic now though given that its traded fairly sideways for the last week or so. Might have to give it til mid-November. But it could also be affected by overall market volatility leading up to and after election day.
One positive note - the 42M option trade I referenced above is still in open interest and has not been closed out yet...so whoever made that trade remains bullish on the stock as well.