Current trend

Shares of Adobe Inc., a leading American software developer, are moving within a medium-term upward trend. The price reversed from 437.50 (Murrey level [2/8]), moved into the positive part of the Murrey trading range, and consolidated above the pivot mark of 562.50 (Murrey level [6/8]), which will allow it to reach the 625.00 area (Murrey level [8/8]) and 656.25 (Murrey level [ 1/8]). In case of a breakdown below 531.25 (Murrey level [5/8]), below the middle line of Bollinger bands, a decrease in the quotes within the central Murrey channel to the 500.00 (Murrey level [4/8]) and 468.75 (Murrey level [3/8]) zone may follow. However, it is a less likely scenario.

Technical indicators reflect the continuation of the upward trend. Bollinger bands and Stochastic are reversing upwards, and the MACD histogram is increasing in the positive zone.

Support and resistance

Resistance levels: 625.00, 656.25.

Support levels: 531.25, 500.00, 468.75.

Trading tips

Long positions may be opened from 580.00, with the targets at 625.00, 656.25, and stop loss of 552.00. Implementation period: 5–7 days.

Short positions may be opened below 531.25, with the targets of 500.00, 468.75, and stop loss of 555.00.