Adobe may fall to 389.00 - 400.00

463 is our pivot point.

Our preference

The downside prevails as long as 463 is resistance.

Alternative scenario

Above 463, look for 483 and 495.

Comment

The RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 479.5835 and 482.5594). Finally, Adobe is trading below its lower daily Bollinger band (standing at 454.41).

Supports and resistances

495 **

483 *

463 **

456

444.76 (USD-last)

411

400 **

389 *

378 **

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