Shares in Adobe Inc (symbol ‘ADBE’) have been trading in a relatively sideways movement in the quarter ending May 2023 followed by an aggressive bullish rally in mid May. The company is expected to report its earnings for the fiscal quarter ending May 2023 on Thursday 15th of June after market close. The consensus EPS is $3 compared to the result for the same quarter last year of $2,70.
‘ Adobe enjoys the rare distinction of reporting strong quarterly earnings that either beat or matched estimates consistently for around six years. It is widely expected that the impressive performance seen in the early months of the year will continue in the latest quarter also. ‘ said Antreas Themistokleous, an analyst at Exness
On the technical side the price has been trading in a rather aggressive bullish movement in the last month after hype around AI related products and the companies offering them, Adobe included. The price found resistance around the round number of $440 which is also an inside resistance area since mid August 2022 and is currently correcting to the downside at the time of this report.
Even though the 50 day moving average is still above the 1oo day moving average indicating that the overall bullish momentum is still valid, the Stochastic oscillator is in the extreme overbought level for the past two weeks possibly signaling that a correction to the downside might continue until it declines back into the “neutral levels''. Bollinger bands have massively expanded signaling that the volatility in the market for the company share is still fueled up so it is not surprising to see another major move in either side in the coming sessions.
‘ Adobe enjoys the rare distinction of reporting strong quarterly earnings that either beat or matched estimates consistently for around six years. It is widely expected that the impressive performance seen in the early months of the year will continue in the latest quarter also. ‘ said Antreas Themistokleous, an analyst at Exness
On the technical side the price has been trading in a rather aggressive bullish movement in the last month after hype around AI related products and the companies offering them, Adobe included. The price found resistance around the round number of $440 which is also an inside resistance area since mid August 2022 and is currently correcting to the downside at the time of this report.
Even though the 50 day moving average is still above the 1oo day moving average indicating that the overall bullish momentum is still valid, the Stochastic oscillator is in the extreme overbought level for the past two weeks possibly signaling that a correction to the downside might continue until it declines back into the “neutral levels''. Bollinger bands have massively expanded signaling that the volatility in the market for the company share is still fueled up so it is not surprising to see another major move in either side in the coming sessions.