Adobe tries to shake off negative pressure - Analysis - 17-03-2023

Economies.com
2023-03-17 12:36PM UTC

Adobe Systems' stock (ADBE) surged in the intraday levels, after beating Wall Street quarterly profit expectations, with the stock spiking 5.90% in the last session, or 19.68 points, settling at 353.29 with trading volumes approaching 7 million shares, above 10-day averages of 4 million shares. 

 

Technically, the stock leaned on the upward correctional short-term trend line, lending it positive momentum amid positive signals from the RSI, while shaking off negative pressure from the 50-day SMA.

 

Therefore we expect more gains for the stock, targeting the resistance of 396.40, provided the support of 329.00 holds on.

 

Expected trend for today: Bullish

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