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Adobe Inc. Murrey Analysis

3/6/2023 3:38 PM

The shares of Adobe Inc., a leading US software developer, resumed growth last week after a serious fall in February, reversing at the upper border of the central Murrey channel around 318.12 (Murrey's [5/8] level). Now, the price is testing the reversal level 343.75 (Murrey level [6/8]), however, the key “bullish” level is 359.38 (Murrey level [7/8]), supported by the middle line of Bollinger bands, consolidation above which will allow changing the current short-term downtrend to the ascending one and continue the growth to 375.00 (Murrey level [8/8]) and 390.62 (Murrey level [+1/8]). The key “bearish” level is 318.12, and its breakdown will give the prospect of a decline within the central Murrey channel to 312.50 (Murrey level [4/8]) and 296.88 (Murrey level [3/8]).

Technical indicators do not give a single signal: Bollinger bands are directed downwards, Stochastic is directed upwards, and the MACD histogram is decreasing in the negative zone.

Resistance levels: 359.38, 375.00, 390.62, 406.25. | Support levels: 328.12, 312.50, 296.88.

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