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Adobe Inc (ADBE) “On a long-term technical basis, the stock (ADBE) is trading above its 200-day moving average which implies it is in a positive trend. However, the stock has recently broken through an important trendline at 311.14 suggesting the next support level is at 293.57. This weakness suggests the long-term trend is turning neutral.
The stock has support at 293.57 and 278.48. If the stock breaks down through support at 293.57 then it will probably continue lower to 278.48. The stock will meet resistance at 311.14 and 366.51. If the stock breaks up through resistance at 311.14 then it will probably continue higher to 366.51. The 200-day moving average is at 278.48. This will also act as support. The stock is extremely overbought according to the Stochastic Indicator (93.20).”
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