Adobe may rise to 616.00 - 640.00

503 is our pivot point.

Our preference

As long as 503 is support look for 616.

Alternative scenario

The downside breakout of 503 would call for 464 and 441.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is trading under its 20 day moving average (558.2075) but above its 50 day moving average (514.5766).

Supports and resistances

664 **

640 *

616 **

593

542.54 (USD-last)

518

503 **

464 *

441 **

Number of asterisks represents the strength of support and resistance levels.