Current trend

Shares of Adobe Inc., a leading American software developer, have been rising for the second month in a row: during this time, quotes have reversed from the 437.50 mark (Murrey level [2/8]), moved into the positive part of the Murrey trading range and are currently actively testing the upper reversal level of 562.50 (Murrey level [6/8]), consolidating above which will allow the price to test the levels of 593.75 (Murrey level [7/8]) and 625.00 (Murrey level [8/8]).

The key level for the "bears" is 531.25 (Murrey level [3/8]) below the central line of Bollinger Bands, consolidation below which will lead to a strengthened movement to the area of 500.00 (Murrey level [4/8]) and 468.75 (Murrey level [3/8]), but this scenario is still seen as less likely since technical indicators confirm maintaining the uptrend: Bollinger Bands are directed upwards, Stochastic is reversing up from the oversold zone, while MACD is decreasing but remains in the positive zone.

Support and resistance

Resistance levels: 562.50. 593.75, 625.00.

Support levels: 531.25, 500.00, 468.75.

Trading tips

Long positions can be opened from the 570.00 mark with targets of 593.75, 625.00 and stop-loss of 554.00. Implementation period: 5–7 days.

Short positions should be opened below the level of 531.25 with targets of 500.00, 468.75 and stop-loss of 547.00.