Today’s instrument is the Adobe Inc. stock traded in the Nasdaq exchange under the ticker ADBE.
If we look at the ADBE chart, we can see it was trading in a channel between $670 resistance and $640 support for the past week until yesterday’s session where it retracted from the $660 down to the $600, where it formed temporary support and finally closing at $614 with a small bounce. Its last traded price, today at premarket, was $615.09.
Adobe Inc. has scheduled a third-quarter earnings announcement tomorrow 16/12/2021. If earning expectations are surpassed, we could expect the price to move upwards, towards the $670 price range.
Today we could expect a move upwards near the resistance of $1900 possibly further towards $632.
If however, it doesn’t manage to hold above the current price range then a case can be made for moving below the $600 support level.
(Click on image to enlarge)
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