Adobe is Up for the 4th Day in a Row

The Daily View for Adobe

  • At the time of this writing, ADBE’s price is down $-1.85 (-0.38%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Adobe has now gone down 4 of the past 5 days.
  • 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 doji candlestick pattern on Adobe. Given that we see an uptrend on the 20, 10 and 5 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Adobe’s hourly price chart is shown below.

ADBE

The Daily View for Adobe

  • At the moment, ADBE’s price is up $1.08 (0.22%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Adobe has now gone up 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Adobe. Given that we see an uptrend on the 20, 10 and 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 100 day changed directions on ADBE; it is now pointing up. 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 Massive Structure on ADBE you may find interesting:

Today we will take a look at the current situation on ADBE. Key concepts: a) Flag Pattern: This type of formation is considered a continuation pattern, meaning that after the breakout, we tend to observe a movement in the same direction as the previous impulse b)Ascending Structure: using two trendlines, we c…

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