Looking at a triple top for ADBE
in day view, followed by a breakdown below both the 20 and 200 day MA. Looks to have found support at 420, but hit the top of the downward trend line
and is sitting at a previously established support level
around 445. If ADBE
fails to break up and follows the downward trend line
, it will be forced to retest 420. If it fails and breaks down, the next support is at 385 and is weak, with the next strong support being around 320 from all the way back in April '20. If 420 fails, there is a probable 5% downside and possible 13%, if not more.
is showing weakness, while the Stoch
, and Madrid sentiment are all beginning to do the same. I will be watching for a potential short opportunity in the next few days.
Many other charts, including TSLA
, are all showing similar weakness (the largest caps on the IXIC), while INTC
is failing to break up through its most recent resistance. CMCSA
, another large cap IXIC, appears to be strong but showing overbought on the RSI
up, it could be a rough week.