Adobe Gets Crushed, Don’t Rush In Just Yet

By Nick Santiago of In the Money Stocks

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Dec 16, 2021 at 12:19 PM EST

The next major support area for Adobe Inc stock will be around the $530.00 area. This is where Adobe Inc has a major retrace level from the 2020 lows.

Leading software stock, Adobe Inc (ADBE) is getting crushed after reporting earnings this morning. The software giant is trading down by more than 9.0% to $571.32 a share. The company reported in-line Q4 results and issued below-consensus guidance for FY22. The street did not like this news and is punishing the stock in a big way. Adobe Inc (ADBE) stock is now trading below the 200-day moving average and is now a very weak chart. The stock has lost nearly 128.00 points since its recent all-time high on November 22nd, 2021. This was a leading stock in the tech sector and it is now a broken name. Traders should expect lower share prices ahead in the near term.

The next major support area for Adobe Inc (ADBE) stock will be around the $530.00 area. This is where Adobe Inc (ADBE) has a major retrace level from the 2020 lows. It is also where the stock broke out of a long sideways base in June 2021. This should be where the large institutional traders defend the stock. I would not be rushing into this name anytime soon until that major support level is reached.

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