Naked Chart Trading: ADBE 14 Jun 2024

The company now expects revenue of between USD21.40 billion and USD21.50 billion, compared with its prior forecast of between USD21.30 billion and USD21.50 billion. Analysts on average expected USD21.46 billion, according to LSEG data.

Adobe's outlook reflects that its AI efforts are paying off as clients hike spending on its software products such as Premiere Pro, Animate and After Effects, which are used by creative professionals in a variety of fields.

Currently, Adobe's share prices jumped more than 10% in extended trading hours

Why hourly chart? Because the trend is more to a sideway in longer timeframe, and this is the first strong rally for Adobe recently, so the candlesticks only start to form in shorter timeframe

Long term trend: Sideway

Short term trend: Sideway to lower after double top bearish reversal, with long candlestick now to test rebound

Fibo Analysis (strong spike wave during extended trading hours): To measure the sustainability of this strong spike, currently testing correction after the price jump

Resistance: USD538 (close above to trigger more upside), USD558, USD570, USD580, USD590

Support: USD504, USD495, USD485, USD473

My personal opinion is that both short and long timeframe are lack of bullish signals like bull wave and green candlesticks to support the price jump, so there is a potential that this jump will not long last, continue to watch out for any wave pattern in shorter time frame, like 15mins chart.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.