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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 279.74 suggesting the next level of support is 276.78. The long-term uptrend has now turned neutral.
The stock has support at 276.78 and 262.09. If the stock breaks down through support at 276.78 then it will probably continue lower to 262.09. The stock will meet resistance at 279.74 and 297.39. If the stock breaks up through resistance at 279.74 then it will probably continue higher to 297.39. The 200-day moving average is at 271.84. This will also act as support. If the stock closes below 262.09 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 neutral according to the Stochastic Indicator (36.47).”
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