Adobe Stock Could Test Resistance
| Dec 15, 2021 04:53AM ET
Let's look at Adobe's (NASDAQ:ADBE) chart. We can see it was trading in a channel between $670 resistance and $640 support for the past week until yesterday's session, where it retracted from the $660 down to the $600, where it formed temporary support and finally closed at $614.
Its last traded price, today at premarket, was $615.09. Adobe Inc. has scheduled a third-quarter earnings announcement. If earning expectations are surpassed, we could expect the price to move upwards, towards the $670 price range.
Today we could expect a move upwards near the resistance of $630, possibly further towards $632. If, however, it doesn't manage to hold above the current price range, then a case can be made for moving below the $600 support level.
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