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ThecoinrepublicStockAdobe Stock: What's Next In ADBE Stock...
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Adobe Stock: What’s Next In ADBE Stock Price – $550 Or $500?

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Adobe stock price looked strong in the previous trading sessions taking support on the 50 Moving average. Despite good quarterly results adobe stock price fell and took support at the level of $522.41. Last week it fell about 5.26%. 

In Q3 23 Adobe Inc.(NASDAQ: ADBE) beats the earnings expectations. Company reported revenue of $4.89 Billion which showcased 13% year-over-year growth. ADBE reported a net income of $1.40 Billion and a profit margin of 28.69%. The company reported an EPS of $4.09 as the expectation was $3.97.

Additionally, Adobe’s stock price showed good performance so far this into the year. Since the beginning of the year, it gave a return of 56.52% and in the span of 6 months, it gave a positive return of 41.98%. However, the momentum slowed down in recent months. It gave a return of 9.63% in the span of 3 months, and last month, it gave a return of 5.50%. Data showcases recent profit booking in the stock.

As per TradingView, 30 analysts provided a 1-year forecast for Adobe stock in which the analysts gave a maximum target of $660 and minimum target of $428.00. Additionally, the average price target is $597.33 which is 12.19% above the current price of $532.42.

37 analysts gave Adobe stock ratings for the past 3 months. 20 analysts gave ADBE stock a strong buy rating, 3 rate it buys and 14 are on the hold side. Overall, the weightage is on the positive side.

Adobe Stock Price Showing Weakness on Daily Charts

Source: Tradingview

On the daily time frame Adobe stock price is trading above the key moving averages of 50, 100, and 200-day EMAs showcasing that Adobe stock price is maintaining bullish momentum. Currently, the stock price is taking support on the 50 EMA and trying to bounce back from there.

RSI is trading below the median line heading towards the oversold zone. The RSI curve is at 47.03 and the 14 SMA line is at 60.78 showing weakness in the trend.

MACD showing a bearish cross and heading downward. MACD is at 6.00 points and the signal curve is at 9.35 above the MACD line. MACD is showing weakness in the trend.

Will ADBE Stock Price Reach the $550 Mark Before 2023?

Source: Tradingview

On the weekly time frame, Adobe stock looked strong, trading above the key moving averages – 50, 100, and 200-day EMAs. 50 EMA crossed the 200 and 100 EMA curves upwards, indicating strength on the weekly time frame.

The MACD curve is trading in the positive zone at 41.07 points and the signal line is at 40.50 showcasing a positive outlook. RSI is trading at 64.29 points near the overbought zone showing bullish momentum on the weekly timeframe.

Summary

ABDE stock price is showing weakness on the daily chart but it is still firm on the weekly chart. Indicators are neutral on the daily chart and bullish on the weekly chart. ABDE stock price is showing weakness right now but in the long run, it might reach the level of $550.

Technical Levels

Support Levels: $504.71 and $471.61.

Resistance Levels: $600.00 and $569.58. 

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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