Rally

Resistance

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Adobe stock price (NASDAQ: ADBE) rose 7% in the previous week.</a> </li> 
 <li> <span>2</span> <a>ADBE stock price is in a strong uptrend and trading above the 200-day EMA.</a> </li> 
 <li> <span>3</span> <a>Adobe Inc.’s next quarterly earnings are scheduled on Sep 14, 2023.</a> </li> 
</ul> 
<p>Adobe stock price (NASDAQ: ADBE) gained 7% (approx.) in the previous week and hit a 52-week high at $569.98. ADBE stock price is rising upward by forming higher high swings which showcase the dominance of buyers.&nbsp;</p> 
<p>Adobe stock price sustained above the 50-day and 200-day EMA indicating the uptrend. Any short-term downfall getting absorbed near to the 50-day EMA support indicates the strength of bulls.&nbsp;</p> 
<p>At the beginning of June, Adobe stock broke out of the $440 hurdle with a strong buying volume. It triggered a positive sentiment and prices continued the rally.&nbsp;</p> 
<p>Later, in the middle of June, ADBE stock price consolidated for some time in the narrow range and formed a short-term base. Buyers won the battle and prices broke the higher range to expand upward which boosted the further momentum.&nbsp;</p> 
<p>However, during the rally, a minor correction was visible but buyers succeeded in defending the support and prices bounced back.&nbsp;</p> 
<p>Adobe stock price closed the previous session at $563.21 with an intraday rise of 0.69%. The market capitalization stands at $256.71 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-adobe-stock-price-continue-the-rally-or-take-halt-strong"><strong>Will Adobe Stock Price Continue the Rally or Take Halt?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/Rlv1z0ShXZ3AzxJWSs8ZIlVRSropSWlRb03WeGqtf-sNACeyLG0JzTN0klmKP_NchEIkxDrWoOXf3VfcvU3pY37qxlGkZwtM9SVo0O4zWvPMuTIKkVsFcQQFYRS0cSOlHTmHX79kq2BdOk6fSq7irRw" alt="Adobe Stock: Is the ADBE Stock Overbought; Time for Correction?"> 
  <figcaption class="wp-element-caption">
    NASDAQ: ADBE daily chart by <a href="https://www.tradingview.com/x/FKxApNUp/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Adobe stock price (NASDAQ: ADBE) is forming a bullish continuation pattern. On a daily, weekly, and monthly time frame, the ADBE stock is bullish. However, the prices have rallied a lot in the past few months so a narrow range consolidation or minor correction is pending.&nbsp;</p> 
<p>Adobe Inc. scheduled the next quarter earnings on Sep 14, 2023. Market analysts estimated an EPS of $3.937 and revenue of $4.866 Billion.&nbsp;</p> 
<p>If the company succeeds in meeting the estimates then the rally in <a href="https://www.thecoinrepublic.com/2023/08/25/adobe-stock-price-prediction-will-adbe-break-below-500/" rel="noopener noreferrer nofollow">ADBE stock</a> might continue and new highs are possible. However, if the company disappoints in earnings then the rally might take a halt.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-adbe-stock-price-defends-500-support-strong"><strong>ADBE Stock Price Defends $500 Support</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_ea9b2"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:ADBE",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

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  "container_id": "tradingview_ea9b2"

}

  );

  </script> 
</div>  
<p>ADBE stock price defends the $500 support and bounces back with a higher volume. It indicates that bulls are active near $500 and any short-term downfall will provide an opportunity to accumulate at lower levels.&nbsp;</p> 
<p>The MACD curve is sloping upward and displays a positive crossover. The histogram bar is also green, indicating bulls are more active as compared to bears.&nbsp;</p> 
<p>The RSI at 68 slopes upward denoting the strength of the bulls. But <a href="https://www.thecoinrepublic.com/2023/08/25/adobe-stock-price-prediction-will-adbe-break-below-500/" rel="noopener noreferrer nofollow">Adobe</a> stock prices are near the overbought territory so a short-term correction might trigger anytime.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Adobe stock price (NASDAQ: ADBE) rose 7% in the previous week and formed a bullish continuation pattern.&nbsp;</p> 
<p>ABDE stock price is in an uptrend and no signs of weakness are visible. The technical analysis suggests, that any short-term downfall in the ADBE stock will be easily absorbed and the rally might continue.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $591.00 and $600.00</li> 
 <li>Support levels: $471.00 and $503.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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.</p>

Adobe Stock: Is the ADBE Stock Overbought; Time for Correction?

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Thecoinrepublic.com

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