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Adobe Inc. Murray Analysis

3/15/2023 2:35 PM

Shares of Adobe Inc., a leading American software developer, continue to decline as part of a mid-term downward trend. Last week, the price attempted a corrective growth, rising to the reversal level of 343.75 (Murray level [6/8]), supported by the middle line of the Bollinger Bands, but could not break above it and began to roll back to its original positions.

Currently, the quotes are testing the upper boundary of the central Murray channel at 328.12 (Murray level [5/8]), if consolidated below it, the movement will continue to the area of 312.50 (Murray level [4/8]), 296.88 (Murray level [3/8]), 281.25 (Murray level [2/8]). The key for the "bulls" remains the level of 343.75, with a breakout of which growth will be able to resume up to the upper limit of the Murray trading range at 375.00 (Murray level [8/8]), however, this option of movement in general seems less likely, since technical indicators point out the continuation of a downward trend: the Bollinger Bands are directed downward, the MACD histogram It is stable in the negative zone, the Stochastic has entered the oversold zone, but is still directed downwards.     

Resistance levels: 343.75, 359.38, 375.00. | Support levels: 328.12, 312.50, 296.88, 281.25.

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