Adobe (ADBE) Closes Last Hour Down $-7.88; 2 Day Up Streak Ended, Breaks Below 20 Day Average

The Hourly View for ADBE

Last Updated September 16, 2020, 23:13 GMT

Currently, ADBE’s price is down $-7.73 (-1.55%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as ADBE has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50 and 100 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 entered today at $476, down 4.35% ($21.67) from yesterday. As for how volume fared, yesterday’s volume was up 55.7% from the previous day (Monday), and up 115.41% from Tuesday of the week before. Below is a daily price chart of Adobe Inc.


Adobe Inc Technical Analysis

Notably, Adobe Inc crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For another vantage point, consider that Adobe Inc’s price has gone up 16 of the previous 30 trading days.

Overheard Around the Web

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

    $ADBE sold for loss; can’t win them all every day. Hard to stay long when its Cramer won’t even discuss it after pumping it hard last night and premarket. Is OK thing change; he now figures money moving to cash to play IPOs. Was hopping for a better bounce off the lows to $485+ but it is always best to take a small loss and stay up for the week than see my three day total go red. Be careful there may be a flow of margin calls tomorrow. Will revisit in 10 days or so. IMO It will be higher by next earnings call.