$ADBE Broke out of a falling wedge pattern to the upside today on the daily chart, held the 20d ema line as support and closed above recent highs. Expect to see a strong continuation move in the coming days.
Also of note, we saw some bullish unusual options activity late last week with 5k $420.00 strike (deep ITM) Jan'21 calls traded Friday vs open interest <300...
It´s never too late to buy a stock. No one can determine wether it´s on its cealing or not. Sometimes all you need is historical data and a clear long signal.
It has been now more than 4 years since Adobe´s stock price started to increase at good rithm. For the past weeks it has been quite blurry to determine what could happen.
$ADBE has broken the triangle...
The strategy here was optimized for IWM (not ADBE) and used for ADDBE without any changes (the point it is not overoptimized for ADBE which is often a problem with backtesting). Still, the results are excellent. The backtesting since 2015 shows 433% proft, 6.745 profit factor and 78.33% profitable trades.
Adobe had some amazing Q3 results, but it was not enough to stave off the powerful technicals of a waning RSI and a steep upwards trend that was destined to correct. This one looks like its going down to at least $430, but will be a buy between $363 and $396
Sell on 1 hour chart
Sell on 7h chart
Sell on 3 day chart
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On the Daily time frame, ADBE pulling back into wave (4) support level at 460 likely setting up wave (v) rally same degree measured move targeting the 600-610 level. Potential ending diagonal pattern if wave v bullish into 560 upside is complete
On the Daily time frame, ADBE consolidation is almost complete setting up for a likely wave (3) rally same degree measured move targeting the 560-599 level. I am interested in setting up medium term long position on ADBE with expiration into Oct-Nov 20’. Trade execution details in video update.