Adobe climbs in negative zone - Analysis - 07-10-2021

Adobe's stock (ADBE) rose 0.64% in the last session while recouping some recent losses and venting off oversold saturation in the RSI, amid positive signals out of them, with the stock settling below the resistance of 576.70, representing the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 420.63 to 673.64), while suffering negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the first support at 547.35, representing the ratio 50% of the same retracement levels. 

Expected trend for today: Bearish