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- 1 Adobe stock price (NASDAQ: ADBE) struggles to defend $500.
- 2 ADBE stock price slipped below the 50-day EMA and turned bearish.
- 3 Adobe Inc. stock reversing down and might test the 200-day EMA.
Adobe stock price (NASDAQ: ADBE) is reversing down and corrected 11% from its 52-week high. It is entering into a distribution phase where sellers will remain active on the higher levels.
ADBE stock price struggles to defend the $500 support and forms a bearish pattern. It slipped below the 50-day EMA showcasing short-term trends and reversed down.
Adobe Inc. stock has lost the bullish momentum and sellers seem to be taking over the control. So, the short-term pullback will be difficult to interpret whether it’s genuine or a bull trap.
Adobe’s share price broke down its short-term support at $525.00 which triggered the negative sentiment. The recent downfall looks genuine and $525.00 now turned out to be a resistance for the bulls.
The quarterly earnings of Adobe Inc. are quite satisfying and meet the analyst estimates. Despite that, the stock price fell and broke the previous month’s low. It shows that the ADBE stock price is mildly overbought and declining in search of fair value. Adobe stock price closed the previous session at $509.90 with an intraday rise of 1.04%.
Will Adobe Stock Price Fall to $475 in October 2023?
Adobe stock price (NASDAQ: ADBE) entered into a correction phase and sellers looked aggressive. The price analysis indicates the profit booking in the ADBE shares might continue in October.
ADBE stock price is trying to defend the $500 level to keep the confidence of investors. But sellers seem more active as compared to buyers so the possibility of the $500 breakdown is high.
If the sell-off continues and prices drop below $500 then a sharp decline toward $475.00 is possible. The technical analysis suggests that ADBE share price is in bears’ grip and October month is not for the bulls.
ADBE Stock Price Fell for Three Consecutive Weeks
ADBE stock price fell for three consecutive weeks and tested the August month low.
Meanwhile, the other tech sectors stocks and the tech index Nasdaq Composite are also mildly bearish. Due to this market sentiment turned negative which also indirectly affected Adobe shares.
Adobe stock formed a strong base near $475.00. So if the price reaches the support investors may look to buy or accumulate for the future. The downside looks limited to $475.00 and buyers might remain active. So, the short sellers must be careful near support levels.
Conclusion
Adobe stock price (NASDAQ: ADBE) is forming a bearish pattern and struggling near to $500.00 level.
ADBE stock price is inside the correction phase and the probability of a $500.00 breakdown is high. The analysis suggests that the Adobe share price is in a bearish grip and sell-off might continue in October.
Technical levels
- Resistance levels: $525.00 and $550.00
- Support levels: $475.26 and $453.39
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
