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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 288.56 suggesting the next level of support is 285.90. The long-term uptrend has now turned neutral.
The stock has support at 285.90 and 268.83. If the stock breaks down through support at 285.90 then it will probably continue lower to 268.83. The stock will meet resistance at 288.56 and 308.30. If the stock breaks up through resistance at 288.56 then it will probably continue higher to 308.30. The 200-day moving average is at 276.98. This will also act as support. If the stock closes below 268.83 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 extremely overbought according to the Stochastic Indicator (77.93).”
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