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Adobe Inc (ADBE) “On a long-term technical basis, the stock (ADBE) is trading below its 200-day moving average which implies it is in a negative trend. However, the stock has broken through an important trendline at 278.97 suggesting the next level of support is 266.64. The long-term uptrend has now turned neutral.
The stock has support at 266.64. The stock will meet resistance at 267.22 and 280.86. If the stock breaks up through resistance at 267.22 then it will probably continue higher to 280.86. The 200-day moving average is at 271.35. This will also act as resistance. If the stock closes below 261.50 a negative trend change is probable. Look for the stock to fall to the level where it started prior to the latest big upmove. The stock is slightly oversold according to the Stochastic Indicator (33.97).”
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