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Adobe Inc., Murrey Analysis

1/18/2023 3:22 PM

Shares of Adobe Inc., a leading American software developer, have been trading within the main sideways channel 343.75–328.12 (Murrey levels [8/8]-[6/8]) for several months at the upper limit of the trading range, and numerous attempts to leave it have so far been were not successful. The consolidation above 343.75 will let the price leave the boundaries of the long-term downward channel and growth to 359.38 (Murrey level [+2/8]) and 375.00 (Murrey level [2/8], W1). Otherwise, the asset may return to 328.12, supported by the lower line of Bollinger bands.

Technical indicators reflect that the movement will continue within the sideways channel 343.75–328.12 in the short term: Bollinger bands are horizontal, the MACD histogram is near the zero line, and its volumes are insignificant. Stochastic is reversing downwards from the overbought zone, which threatens to pull back the price from the upper border of the sideways range.

Resistance levels: 343.75, 359.38, 375.00. | Support levels: 328.12, 312.50, 296.88.

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