Weekly fake breakout at the top along with HS pattern. It has broken down the neckline. I would like to short at ~230 if it has a retest. TP: 189
Pattern is similar to INTU. See the following linked idea.
237 Area is a critical line in the sand for ADBE. If it breaks, it has a long way to fall. Also very extended from 50 SMA on monthly chart. Buy long dated PUTs. The stop loss should be above the falling trend line. If price breaks out above trend line, close.
I believe the risk / reward ratio on Adobe is a good swing trade at the moment. The Adobe Max Conference is coming up in a few days, and historically Adobe stock has benefited from this. There is speculation about a possible Photoshop for iPad release as well, which could give investors a lot of hype.
ADBE has been a beast for a long time, but there are signs the bulls may be exhausting. The daily chart is looking toppy with upper wicks of profit taking and clear resistance at 272.50, and a potential bearish reversal Head & Shoulders pattern forming on the daily. The support to break is 257 to confirm the pattern.
The daily chart is setting up minor RSI ...
The ADBE Trend is one that is often a “gottcha” for new swing traders. The problem is trading leadership. The runs are not initiated by Dark Pools or Pro Traders. The runs are initiated by smaller funds using VWAP or, worse, the retail crowd. The retail crowd is more emotional, has less experience and minimal training. Therefore, the runs they create are harder to ...
270-272 is a resistance level: my forecast is that adobe will not breach this area today 2018-09-14.
I'll add ADBE in my watchlist for next week because, after a retracement (down from overbought area of stochastic), will go long and will break the resistance area 270-272.
Adobe Systems Incorporated (ADBE) is scheduled to release earnings on September 13, 2018, after the market closes, and will hold a conference call at 5:00 PM ET on the same day. The stock currently trades at 265.37, which is 5.4% higher than the close following its last reported earnings, trading with a range of 235.87 to 269.96 since that time.
Expected Price ...