Adobe Rebounds Following a Sharp Drop
The market’s recent bounce has lifted some technology stocks mired in downtrends. One example is Adobe.
The software company plunged on September 15 after a double dose of unwelcome news. ADBE not only missed revenue estimates. It also announced the $20 billion takeover of Figma in a deal Wall Street considered too rich.
The stock soon found itself under $280 for the first time since March 2020. It proceeded to rebound and yesterday tried to enter the bearish gap. But it couldn’t hold. Will the high from last month’s big negative day turn into new resistance?
Second, there was also a bearish outside day versus Tuesday. That’s a potential reversal pattern.
Next, stochastics returned to an overbought condition.
Finally, the 50-day simple moving average (SMA) is approaching from above. Will sellers look for the stock’s downtrend to continue from this line?
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The software company plunged on September 15 after a double dose of unwelcome news. ADBE not only missed revenue estimates. It also announced the $20 billion takeover of Figma in a deal Wall Street considered too rich.
The stock soon found itself under $280 for the first time since March 2020. It proceeded to rebound and yesterday tried to enter the bearish gap. But it couldn’t hold. Will the high from last month’s big negative day turn into new resistance?
Second, there was also a bearish outside day versus Tuesday. That’s a potential reversal pattern.
Next, stochastics returned to an overbought condition.
Finally, the 50-day simple moving average (SMA) is approaching from above. Will sellers look for the stock’s downtrend to continue from this line?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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