Current trend

Shares of Adobe Inc., a leading American software developer, have been falling for the third week. During this time, the price has moved into the negative part of the Murrey trading range and is currently testing its border of 500.00 (Murrey level [0/8]). Consolidation below will allow it to reach the reversal zone of 484.38 (Murrey level [–1/8]) and 468.75 (Murrey level [–2/8]). In case of a breakout of the reversal mark of 531.25 (Murrey level [2/8]), supported by the middle line of Bollinger Bands, growth the area of ​​562.50 (Murrey level [4/8]) and 578.12 (Murrey level [5/8]) may follow.

Technical indicators confirm the continuation of the downward trend. Bollinger Bands are reversing downwards, and the MACD histogram has entered the negative zone. The exit of Stochastic from the oversold zone does not exclude a limited correction.

Support and resistance

Resistance levels: 531.25, 562.50, 578.12.

Support levels: 500.00, 484.38, 468.75.

Trading tips

Short positions may be opened below 500.00, with the targets at 484.38, 468.75, and stop loss 511.00. Implementation period: 5–7 days.

Long positions may be opened above 531.25, with the targets at 562.50, 578.12, and stop loss 520.00.