Adobe Does it Again: Heads Down for the 4th Straight Day

The Daily View for Adobe

  • At the moment, ADBE’s price is down $-1.28 (-0.25%) from the day prior.
  • This move is a reversal from the day prior, which saw price move down.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Adobe. Given that we see downtrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Adobe’s hourly price chart is shown below.

ADBE

The Daily View for Adobe

  • At the moment, ADBE’s price is down $-2.85 (-0.56%) from the day prior.
  • Adobe has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Adobe.

ADBE

Featured Adobe Idea From TradingView

Below is a trading comment entitled ADBE Pop Up you may find interesting:

ADBE ran down to the 507 support line, and popped up from there. Looking for a quick retest of the previous 525 high. A crack beneath 502 would trigger an exit.

BBTrader29