Adobe may rise to 609.00 - 634.00

490 is our pivot point.

Our preference

Our next up target stands at 609.

Alternative scenario

The downside breakout of 490 would call for 449 and 425.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 468.63 and 474.825). Finally, Adobe is trading above its upper Bollinger band (standing at 508.32).

Supports and resistances

659 **

634 *

609 **

584

525.31 (USD-last)

506

490 **

449 *

425 **

Number of asterisks represents the strength of support and resistance levels.