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Adobe shares nearing good buying levelsShares of Adobe (NYSE:ADBE) have pulled back nicely to the support level of a descending triangle. The share is also now within 3% of its 200MA. I will be keeping a close eye on the share in the coming days for a long term buying opportunity. This is a strong technology company with good prospects and prices are now at August 2020 levels. Im looking at a price target of around $530 (17%) and a stop at the $425 level, given a conservative risk reward ratio of 2.2. Other supporting indicators are the MACD and RSI which both support the position that the stock is reaching oversold territory.
NASDAQ:ADBELong
by parshotamj
ADBE - 2 way this could play outWe have 2 possiblities here. Either we are in a complex WXY correction which would then take price towards 415 i n a corrective fashion similar to the dotted line drawing. or we are finishing a Flat corrective wave 2 pattern in which case price should remain above the invalidation level at 439 . The usual termination point for wave (C) of a Flat pattern is the 100% and 127.2% projection of wave (A) from (B) but the 127.2% level would be below the invalidation level, therefore we can discard it for this setup. 100% level comes at 451, which is also the 78.6% retracement level of wave 1, known also as the last line of defense for bulls. So, price needs to ideally remain above that level if we are to see higher prices. Note also that any move above 505 even before touching the 451 level should be considered as a big bullish indication!
NASDAQ:ADBE
by ElliottWaveBelgium
Short term opportunity on ADBE Today, we will show a bullish setup we have seen on ADBE. a) The price has broken a major Descending structure b) Now it's above a resistance zone c) We can see a corrective structure on the mentioned resistance zone d) If we have a breakout on the Green line, we will consider the analysis active / The same scenario for the red line (Invalidation of the analysis) e) The TP1 area can be used to close the setup or move the stop loss to break-even (that is what we will do) f) We are aiming for a final target at 533.10 g) This setup can provide a Risk Reward Ratio above 2 h) We expect a resolution between 10 to 20 days
NASDAQ:ADBELong
by ThinkingAntsOk