Tough times for Adobe and its investors.
The software giant is facing the biggest stock decline in years. The price already reached the COVID-19 bottom and it looks like this is not the end.
The rapid lifting of the interest rates by the central banks means more reduction in consumer demand and lesser price increases. In the near term, sales and profit margins are likely to drop from current estimates.
Adobe Inc recently announced a lowered revenue guidance for 2023 also affected by the change in the currency rates.
In a short-term correction is possible to the major resistance located at the $ 300.
The long-term scenario is a breakout of the local $ 270 support level and a new drop to the $ 205 support level.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
The software giant is facing the biggest stock decline in years. The price already reached the COVID-19 bottom and it looks like this is not the end.
The rapid lifting of the interest rates by the central banks means more reduction in consumer demand and lesser price increases. In the near term, sales and profit margins are likely to drop from current estimates.
Adobe Inc recently announced a lowered revenue guidance for 2023 also affected by the change in the currency rates.
In a short-term correction is possible to the major resistance located at the $ 300.
The long-term scenario is a breakout of the local $ 270 support level and a new drop to the $ 205 support level.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.