On a monthly graph, Adobe shows a very large Double-Top pattern. The breakdown happened at $275, and the potential target comes down to $111.
However, the company has announced a $25 Billion buyback, which should support the stock price. The next couple of months are critical for Adobe to recover above the neckline of $275 to hopefully nullify this double top pattern.
However, the company has announced a $25 Billion buyback, which should support the stock price. The next couple of months are critical for Adobe to recover above the neckline of $275 to hopefully nullify this double top pattern.
Trade active
Near-term resistance levels are at $255 & $275 for someone looking to exit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.