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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 broken through an important trendline at 287.80 suggesting the next level of support is 276.91. The long-term uptrend has now turned neutral.
The stock has support at 276.91 and 259.57. If the stock breaks down through support at 276.91 then it will probably continue lower to 259.57. The stock will meet resistance at 280.86 and 307.35. If the stock breaks up through resistance at 280.86 then it will probably continue higher to 307.35. The 200-day moving average is at 276.55. This will also act as support. If the stock closes below 268.24 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 overbought according to the Stochastic Indicator (70.09).”
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