ADBE
Adobe daily chart looking bullish.
This stock has been crucified all of Q1 2022.
A $100 upmove would only represent a 50% retrace of the plunge from the ATH.
ADBE is reporting earnings on Monday, thus we could see an explosive move higher if the results are solid.
Daily candles retested the lower median line of the inside pitchfork, while momentum oscillators are showing bullish divergence and starting to breakout.
The RSI just put in a bullish swing rejection, and is showing strong bullish divergence with a break above the previous RSI pivot high.
The MACD has spent all of Q1 2022 in the basement, and is showing bullish divergence with a recent cross above the signal line.
Cautious types can wait for the 9EMA to cross above the 20EMA. However, I will be going long this name on Monday's open.
I think a test of the median line is extremely likely, thus my first "Easy Target" is around $491 at the median line.
If last week's rally is sustained for a few more weeks, I listed two targets on the upper median line that correspond to 0.5 / 0.618 fib levels.
I will wait to see how price reacts to the median line before assuming those targets will be reached. (Will update the idea when/if that happens)
Comment:
Reporting Earnings Tuesday*** March 22nd
Comment:
Dead from a weak earnings forecast.... :-(