Company: Adobe Inc.
Ticker: ADBE
Exchange: NASDAQ
Sector: Technology
Introduction:
Thank you for joining me for today's technical analysis. We will be examining Adobe Inc. (ADBE), a leading company in the Technology sector, listed on the NASDAQ. Our focus is on an Ascending Triangle pattern that has been developing on the weekly chart.
Ascending Triangle Pattern:
An Ascending Triangle pattern is often indicating a potential reversal or continuation of the trend. This pattern is formed when the price oscillates between a flat resistance line and an upward sloping support line.
Analysis:
In the case of Adobe, the previous trend was downward, as indicated by a blue diagonal resistance line. However, we are now witnessing the formation of an Ascending Triangle pattern, indicating a possible bottom reversal.
The horizontal resistance of the triangle is set at $397.36, with four touchpoints recorded. Meanwhile, the rising support line, which originates at $275.20, has also been touched four times. Notably, the current weekly candle (the third touch point) is making an attempt to break through the horizontal resistance line.
The 200 EMA closely aligns with the horizontal resistance, further underlining the significance of this level. A breakout – defined as a weekly candle closing above the horizontal resistance line – could present an excellent entry point for a long position.
If a breakout does occur, the price target would be approximately $524. This represents a potential gain of around 32%. Minor resistance could be encountered at 446,51.
Conclusion:
Adobe Inc.'s weekly chart paints an intriguing picture, with an Ascending Triangle indicating a potential bottom reversal. Traders should keep a keen eye on this setup, as a breakout could signal a strong buying opportunity.
Remember, this analysis does not serve as financial advice but a guiding point for your own research. Always consider your risk management strategies when trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Ticker: ADBE
Exchange: NASDAQ
Sector: Technology
Introduction:
Thank you for joining me for today's technical analysis. We will be examining Adobe Inc. (ADBE), a leading company in the Technology sector, listed on the NASDAQ. Our focus is on an Ascending Triangle pattern that has been developing on the weekly chart.
Ascending Triangle Pattern:
An Ascending Triangle pattern is often indicating a potential reversal or continuation of the trend. This pattern is formed when the price oscillates between a flat resistance line and an upward sloping support line.
Analysis:
In the case of Adobe, the previous trend was downward, as indicated by a blue diagonal resistance line. However, we are now witnessing the formation of an Ascending Triangle pattern, indicating a possible bottom reversal.
The horizontal resistance of the triangle is set at $397.36, with four touchpoints recorded. Meanwhile, the rising support line, which originates at $275.20, has also been touched four times. Notably, the current weekly candle (the third touch point) is making an attempt to break through the horizontal resistance line.
The 200 EMA closely aligns with the horizontal resistance, further underlining the significance of this level. A breakout – defined as a weekly candle closing above the horizontal resistance line – could present an excellent entry point for a long position.
If a breakout does occur, the price target would be approximately $524. This represents a potential gain of around 32%. Minor resistance could be encountered at 446,51.
Conclusion:
Adobe Inc.'s weekly chart paints an intriguing picture, with an Ascending Triangle indicating a potential bottom reversal. Traders should keep a keen eye on this setup, as a breakout could signal a strong buying opportunity.
Remember, this analysis does not serve as financial advice but a guiding point for your own research. Always consider your risk management strategies when trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
KSC
