Adobe Systems Stock Forecast

ADBE Signals & Forecast

Mostly positive signals in the chart today. The Adobe Systems stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $376.71 and $353.59. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, February 24, 2023, and so far it has risen 20.23%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Friday, December 30, 2022 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

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Support, Risk & Stop-loss for Adobe Systems stock

On the downside, the stock finds support just below today's level from accumulated volume at $358.14 and $353.29. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Adobe Systems finds support just below today's level at $358.14. If this is broken, then the next support from accumulated volume will be at $353.29 and $320.54.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.47 between high and low, or 1.44%. For the last week, the stock has had daily average volatility of 1.68%.

The Adobe Systems stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: $372.58 (-3.32%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 84 and this increases the risk substantially. There is a buy signal from a pivot bottom found 25 days ago.)

Trading Expectations (ADBE) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Adobe Systems Incorporated to open at $383.79, and during the day (based on 14 day Average True Range), to move between $375.73 and $395.01, which gives a possible trading interval of +/-$9.64 (+/-2.50%) up or down from last closing price. If Adobe Systems Incorporated takes out the full calculated possible swing range there will be an estimated 5.00% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $392.23 (1.78%) than the support at $358.14 (7.07%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Adobe Systems Incorporated stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Adobe Systems stock to perform well in the short-term.

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