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Adobe Systems Inc., Technical Analysis

8/11/2022 11:10 AM

The shares of Adobe Systems Inc., a US software developer, are down around 436.00.

On the daily chart of the asset, the price left the descending channel with dynamic boundaries 410.00–320.00 and consolidated above the resistance line, having broken the level of the initial correction of 23.6% Fibonacci at around 425.00.

On the 4-hour chart, the rising wave has high prospects for further movement, as the nearest resistance is the 38.2% Fibonacci retracement level at 477.00, which the price can overcome on the first try.

Technical indicators keep a stable buy signal: indicator Alligator's EMA oscillation range is directed upwards and is actively expanding, and the histogram of the AO oscillator forms rising bars in the buying zone.

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