Adobe (ADBE) Closes Last Hour Down $-1.65; Moves Down For the 2nd Straight Day, in a Downtrend Over Past 14 Days, Price Base in Formation Over Past 30 and 90 Days

The Hourly View for ADBE

Last Updated January 13, 2021, 23:15 GMT

At the time of this writing, Adobe’s price is down $-0.94 (-0.2%) from the hour prior. The hourly chart shows that Adobe has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Adobe Inc Daily Price Recap

Adobe Inc closed the previous day down 0.55% ($2.59); this denotes the 2nd straight day a decrease has occurred. As for how volume fared, yesterday’s volume was up 22.42% from the previous day (Monday), and up 99.52% from Tuesday of the week before. Here is a daily price chart of Adobe Inc.

ADBE

Adobe Inc Technical Analysis

Coming into today Adobe Inc is now close to its 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Adobe Inc’s price has gone up 7 of the previous 14 trading days.

Overheard Around the Web

Here’s what one trader on StockTwits recently had to say in regards to ADBE:

    @arshammm – Are you familiar with a company called Workfront that $ADBE bought? Could be a serious competitor? Also, IDK if you guys use Adobe products, but would be interested what your opinion of their future is. Also, I've noticed that ASANA is very popular with marketing teams, and they seem to be the early adopters. Does marketing just require tighter collaboration/alignment?

    happytrader2000