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Adobe Inc.: Murrey analysis

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Adobe Inc.: Murrey analysis
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point482.76
Take Profit468.75, 453.12, 437.50
Stop Loss494.00
Key Levels437.50, 453.12, 468.75, 484.38, 515.62, 546.88, 562.50
Alternative scenario
RecommendationBUY STOP
Entry Point515.65
Take Profit546.88, 562.50
Stop Loss503.00
Key Levels437.50, 453.12, 468.75, 484.38, 515.62, 546.88, 562.50

Current trend

Shares of Adobe Inc., a leading American software developer, have been falling for the second month. During this time, the price rebounded from the 578.12 mark (Murrey level [5/8]), entered the lower reversal zone of the Murrey trading range, and is currently testing the 484.38 area (Murrey level [–1/8]). Consolidation below will allow the negative dynamics to reach 468.75 (Murrey level [–2/8]), 453.12 (Murrey level [–2/8], H1), and 437.50 (Murrey level [2/8], W1). After a breakout of the upper line of Bollinger Bands 515.62 (Murrey level [1/8]), growth to the zone of 546.88 (Murrey level [3/8]) and 562.50 (Murrey level [4/8]) may follow.

Technical indicators reflect the formation of a downward trend: Bollinger Bands are directed downwards, the MACD histogram is stable in the negative zone, and Stochastic is horizontal in the oversold zone.

Support and resistance

Resistance levels: 515.62, 546.88, 562.50.

Support levels: 484.38, 468.75, 453.12, 437.50.

Adobe Inc.: Murrey analysis

Trading tips

Short positions may be opened below 484.38, with the targets at 468.75, 453.12, 437.50, and stop loss 494.00. Implementation period: 5–7 days.

Long positions may be opened above 515.62, with the targets at 546.88, 562.50, and stop loss 503.00.


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