Today’s instrument is Adobe Inc.‘s stock traded in the Nasdaq exchange under the ticker ADBE.
When we look at the ADBE ‘s chart, we see the start of the uptrend after the fall in the $405 range earlier last week and the steady climb up in the $425, and consolidation in the $440 range. It managed to reach as high as $460, now acting as temporary overhead resistance, and has the $426 range as the closest support level. It was last found trading at the $455 range.
Adobe Inc. has scheduled a quarterly earnings announcement today 22/03/2022. If earnings expectations are surpassed, we could expect the price to move upwards, towards $480.
Today we can expect a move towards the $465 price level, another extension of the short-term trend.
If however, it doesn’t manage to hold on to the current level then a move close to the $426 closest support can be expected.
(Click on image to enlarge)
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