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Adobe Inc., Murrey Analysis

1/30/2023 3:22 PM

Shares of Adobe Inc., a leading US software developer, have been trading within the main sideways channel of 343.75–328.12 (Murrey levels [6/8]–[5/8]) for several months.

Last week, the price left it and is now close to the upper limit of Murrey's trading range around 375.00 (Murrey's level [8/8]), a breakout of which will give the prospect of further growth in the reversal zone to 390.62 (Murrey's level [+1/8]) and 406.25 (Murrey level [+2/8]). The key "bearish" level is 343.75 (Murrey level [6/8]), supported by the middle line of Bollinger bands. If it is broken down, the current uptrend may change, and quotes will fall to 328.12 (Murrey level [5/8]) and 312.50 (Murrey level [4/8]).

Technical indicators gave a buy signal: Bollinger bands are directed upwards, the MACD histogram is increasing in the positive zone, and Stochastic is horizontal in the overbought zone.

Resistance levels: 375.00, 390.62, 406.25. | Support levels: 343.75, 328.12, 312.50.

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