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Adobe Inc. Murrey Analysis

12/5/2022 3:00 PM

Shares of Adobe Inc., a leading US software developer, rose for the second month in a row, correcting for a long-term downtrend.

Currently, the price has met serious resistance at the pivot level 343.75 ([5/8]), which was again unsuccessfully tested last week: after consolidation above it, the quotes may grow to 359.38 ([7/8]), 375.00 ([8 /8], the upper limit of the downwards channel). The key "bearish" level is 328.12 ([5/8]), supported by the middle line of Bollinger bands, the breakdown of which will give the prospect of further decline within the central Murrey channel to 312.50 ([4/8]), 296.88 ([3/8]).

Technical indicators point to the preservation of the upward potential: Bollinger bands and Stochastic are directed upwards, and the MACD histogram is stable in the positive zone.

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

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