ADBE HourlyOn the hourly ADBE chart. Not enough volume coming in until the last hour. Might need to form a handle on Monday before continuation. Support at $200ish
ADBED trade ideas
ADBE - Heavy Overhead Resistance Around $195-196We are about to hit long term overhead resistance at 195 to 196. We'll likely need to back off soon before moving to 200.
ADBE - Target of 209 with retrace to fill todays gapADBE - Target of 209 with retrace to fill todays gap
ADBE - Hitting Retrace Resistance - Then Down to 185Adobe is about to finish its short term retracement. Then its back to long term support at 185, which intersects the large scale upward fib channel. It may hit 185 when it hits the fib time window (Jan 22nd)
ADBE - temporary decline to 185Time for a short term correction to roughly 185 before moving up again.
ADBE analysisADBE is consolidating from reaching it's high after it's last earning's report. Waiting for it to drop more and break out of consolidation.
Strong support @ $170Fundamentally this is a sound company and its stocks should be held throughout 2018. Ready to buy any dip around support level.
Adobe's retrace ?The markets didn't like the report. What's the worse which can happen? Here I plotted a possible scenario.
Price has memory.
Sep 20 Earnings: Adobe's Competition and Expenses are burning.Adobe is a wonderful company with a great array of products and services. The company has been gaining traction with its cloud offerings allowing for the conversion of enterprise customers to Enterprise Term License Agreements (ETLAs), resulting in higher Creative Cloud adoption.
However, with great power comes great responsibility, and Adobe's expenses have been on the move with its foray into AI and Virtual Reality.
A pullback on behalf of higher expenses and guidance becoming slightly more conservative over the longer run is warranted.
I believe the stock's price is not currently pricing in the company's competition and expenses.
A short term sell with a $145 to $140 PT for the next 2-3 months.
ADBE breakoutLots of nice breakouts on strong stocks today. Let's home the political scene stays healthy.
