Current trend

Shares of Adobe Inc., a leading American software developer, continue to trade within the upward trend for the fourth month in a row.

Currently, the price has moved beyond the main Murray trading range and is in the upper reversal zone. Quotes have consolidated above 531.25 (Murray level [ 1/8]) and may continue to rise to the level of 593.75 (Murray level [6/8], H4). The key for the "bears" is the 500.00 level (Murray level [8/8]), supported by the middle line of the Bollinger Bbands, when it is broken down, the price will return to the main trading range, and the movement will be able to resume to the area of 468.75 (Murray level [7/8]) and 437.50 (Murray level [6/8]).

Technical indicators confirm the continuation of the upward trend: the Bollinger Bands and the Stochastic are directed upwards, the MACD histogram increases in the positive zone.      

Support and resistance

Resistance levels: 562.50, 593.75.

Support levels: 500.00, 468.75, 437.50.

Trading tips

Long positions can be opened above 550.00 with a target at 593.75 and stop-loss at around 520.00. Implementation period: 5-7 days.

Short positions may be opened below 500.00 with targets at 468.75, 437.50 and stop-loss at around 523.00.