Adobe - Triangle Textbook Long Setup!
Updated
Adobe (
ADBE) is breaking out soon:
Click chart above to see the detailed analysis👆🏻
After creating a rally of +2.000% over the past decade, Adobe created its all time high back in the end of 2021. The consolidation ever since has been quite expected, especially looking at market structure. But if Adobe breaks out of the current triangle, we will see new all time highs.
Levels to watch: $440, $560
Keep your long term vision,
Philip (BasicTrading)
ADBE) is breaking out soon:Click chart above to see the detailed analysis👆🏻
After creating a rally of +2.000% over the past decade, Adobe created its all time high back in the end of 2021. The consolidation ever since has been quite expected, especially looking at market structure. But if Adobe breaks out of the current triangle, we will see new all time highs.
Levels to watch: $440, $560
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Adobe (ADBE):
Click chart above to see the detailed analysis👆🏻
Adobe has been consolidating for more than 4 years so if we actually see another retest of a horizontal support, it is quite likely that we will see a bullish rejection which is eventually followed by a triangle breakout. It is just a matter of time until this consolidation will end.
Levels to watch: $440, $360
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Adobe (ADBE):
Click chart above to see the detailed analysis👆🏻
Finally we see the expected continuation of the correction on Adobe and the next support is still about -10% below current levels. Just make sure that you don't get caught up in these short term moves because the overall trend is still bullish and there will surely be new highs.
Levels to watch: $440, $360
Keep your long term vision,
Philip (BasicTrading)
Trade active
Trading update on Adobe (ADBE):
Click chart above to see the detailed analysis👆🏻
If Adobe drops another -8%, it will finally retest the previous horizontal structure and can attempt a triangle breakout from there. The short setup away from the resistance trendline played out nicely so far, but the overall trend is still clearly pointing towards new all time highs.
Levels to watch: $440, $580
Keep your long term vision,
Philip (BasicTrading)
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