Adobe Systems Inc. - (ADBE) - June 5, 2023 (Daily Stock Report)


Software producer Adobe Systems (ADBE) recently returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time since December of 2021. Adobe spent the last 16 months stuck in the red zone. It started to climb up off the bottom back in October, but its move back up the rankings has accelerated in the last month, over which time it has jumped 52 positions to 21st place. A major breakout is underway in Adobe Systems (ADBE) shares. Back in September a gap down on a spike in volume signaled the final flush from a downtrend that started in late 2021. From October through May, ADBE built a base for recovery with a new uptrend of higher lows forming below $400.00 and its 50 and 200-day moving averages completing a bullish Golden Cross.

In the last week or so, the shares have jumped upward on an increase in volume, indicating renewed investor interest. A breakout over $400.00 has completed a bullish Ascending Triangle base, confirming the start of a new uptrend.

Initial upside resistance tests appear near $450.00 and $480.00 based on previous highs, followed by the $500.00 round number and $530.00 based on a measured move from the triangle. Initial support appears near the $400.00 round number, followed by the 50-day average near $375.00.

A downtrend in Adobe Systems (ADBE) bottomed out back in October and since then, the shares have been recovering lost ground. In the last month, accumulation has accelerated with ADBE completing a bullish Spread Triple Top breakout, snapping a downtrend line, and rallying to its highest level since August. Initial upside resistance appears near $477.15 where a previous column high and a horizontal count converge, then the $500.00 round number, and $537.35, where a previous column high and a vertical count converge. Initial support appears near $399.25, just below the $400.00 round number, based on a 3-box reversal.

With a perfect SMAX score of 10, ADBE is exhibiting strength across the asset classes.

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