November Favour Adobe (ADBE) Stock To Watch This Week!
$Adobe(ADBE)$ has moved back above a zig-zag movement with a price closing near $600. The shares had been forced below the SMA 20 level mark a few times, but it has finally retake and breakout.
ADBE stock has also decisively reclaimed its 20-day moving average. Investors also could use the 12 Oct intraday high of 574.40 as an alternate entry.
The relative strength line is impressing. It is rising again and right at recent highs. This reflects outperformance vs. the broader S&P 500.
It should be breaking into the Overbought as traders and investors should be into LONG and buying position.
Advantage of Adobe as a software house
Adobe which has been long known for its design and publishing software, recently Adobe has become a major player in cloud computing and data analytics.
And Artificial Intelligence which is one of the hottest investing themes of 2023, is one of the strength of Adobe, they have been benefitting since announcing a series of new AI initiatives.
Most recently, it announced more than 100 new generative AI features and updates for its creative software. Adobe also added three new image generators to its Firefly family of products and released scores of AI features for its Creative Cloud suite of applications.
Wall Street have been impressed by these features releases and we can see that Adobe stock have been rewarded with price target hikes. This is the “Wow factor” created from Adobe’s breadth and quality of capabilities.
Parabolic SAR - Reversal Indicator
While we wonder why Adobe share price have rallied quite a bit since its announcement, I think it is worth looking at whether the stock have gone through any reversal since we saw that it was trading in a zig-zag pattern before that.
Apparently, November is a good month for Adobe, we can see that it has a nice bullish reversal when November start. it seems like it is having a nice upside movement for the remaining of November.
Summary
Based on what we have observed so far for November, it seems like we are getting a bullish rally among the tech players, Adobe should be in a nice position to capture this opportunity.
Hence, I think we can plan our trade to look into loading more Adobe stocks.
Appreciate if you could share your thoughts in the comment section whether you think Adobe should be able to take advantage of a bullish November and create a new high for its stock?
@TigerStars @Daily_Discussion @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
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This ones about done for now. 3 month chart says it's time to pick up some atm puts. looking for a pullback next week
very good strong independent american company. that gives it 10+ p/e premium alone.
It’s fun to watch from the sidelines a lot less stressful 😂