Adobe stock price (NASDAQ:ADBE) ended January 21 at a new 52-week high, gaining 5% since late December. Over a three months, Adobe stock prices added 34% in value. Earlier this week, Oppenheimer investment bank analysts raised their outlook for the company, which served as an additional growth driver. During the previous week, Adobe shares grew by 1.26%. S&P500 went up by 1.00% within the same period. We are very “Bullish” on Adobe stock and expect it to continue.
Investors are focusing on statements by senior US officials at the World Economic Forum in Davos. Today, the market was again alarmed by the comments of US President Donald Trump, who, in a CNBC interview, announced the possibility of introducing “very high tariffs” on cars and other European goods if a trade deal with the EU could not be concluded. Trump warned about this and European Commission President Ursula von der Leyen at a meeting on Tuesday. Thus, as suggested by experts, having decided, although partially, trade issues with China, as well as with Mexico and Canada, the United States is ready to start a trade confrontation with the European Union, which cannot but alarm investors. As for the continuation of negotiations with the PRC on the “second phase” trade deal, the US finance minister, Stephen Mnuchin, said that there was no deadline for its conclusion. Work on the treaty will continue until the election of the US president, and if necessary, after it.
Oil quotes resumed decline today. The price is under pressure of the comments of the head of the International Energy Agency Fatih Birol, who said that in the first half of this year, an excess of oil and gas production by 1 million barrels per day is possible. During the day, investors are waiting for the public US Energy Reserve Report displays from API. Last time, oil reserves grew by 1,100 million barrels. Continuation of this trend may put additional pressure on oil prices.
Adobe Support and Resistance
The Adobe stock prices continue to show a steady uptrend. The Adobe quotes again updated new highs. At the moment, #ADBE quotes are consolidating within the range of 340.00–352.00. A technical correction is possible in the near future. Indicators don’t give a clear signal: the price has consolidated above MA(50) and MA(200), and MACD histogram is located near the zero line. Positions are to be opened from key levels. Comparing the company’s multiplier with its competitors in the industry, we can say that #ADBE shares are BULLISH.
Support levels: 340.00, 325.00, 310.00.
Resistance levels: 352.00.
Adobe Stock Trading Ideas
If the price consolidates above the resistance level of 352.00, one may consider buying the company’s stock. Potential profits should be locked in by orders at 364.00, 376.00, and 385.00. Stop-loss – 340.00.If the price consolidates below 340.00, #ADBE shares are expected to correct. The moving potential is aimed at the area of 320.00–310.00. Stop-loss – 352.00. Implementation period: 3 days.
Adobe Stock Recommendations
Jan-17-20 Upgrade Oppenheimer Perform → Outperform $410
Dec-13-19 Reiterated Griffin Securities Buy $330 → $334
Dec-13-19 Reiterated BMO Capital Markets Outperform $350 → $358
Dec-11-19 Reiterated BMO Capital Markets Outperform $300 → $350
Nov-13-19 Resumed Piper Jaffray Overweight $339
Oct-21-19 Reiterated BMO Capital Markets Outperform $310 → $300
Oct-16-19 Downgrade Citigroup Buy → Neutral $322 → $313
Oct-15-19 Initiated Cleveland Research Neutral $283
Sep-18-19 Reiterated Griffin Securities Buy $303 → $317
Sep-18-19 Reiterated BMO Capital Markets Outperform $315 → $310
Sep-13-19 Resumed RBC Capital Mkts Outperform
Jun-19-19 Upgrade Stephens Equal-Weight → Overweight $288 → $327
Jun-19-19 Reiterated BofA/Merrill Buy $312 → $323
Jun-19-19 Reiterated BMO Capital Markets Outperform $300 → $315
Apr-29-19 Upgrade Morgan Stanley Equal-Weight → Overweight $282 → $340
Mar-15-19 Reiterated Canaccord Genuity Buy $290 → $300
Mar-15-19 Downgrade KeyBanc Capital Markets Overweight → Sector Weight
Feb-15-19 Downgrade Cowen Outperform → Market Perform $280
Jan-17-19 Initiated Stephens Equal-Weight
Jan-09-19 Initiated Atlantic Equities Neutral $250
Adobe Stock 1 Day Moving Averages – Strong Buy
Name Value Action
Exponential Moving Average (5) 349.13 Buy
Simple Moving Average (5) 348.32 Buy
Exponential Moving Average (10) 345.16 Buy
Simple Moving Average (10) 345.00 Buy
Exponential Moving Average (20) 338.21 Buy
Simple Moving Average (20) 338.10 Buy
Exponential Moving Average (30) 331.90 Buy
Simple Moving Average (30) 330.91 Buy
Exponential Moving Average (50) 321.84 Buy
Simple Moving Average (50) 318.67 Buy
Exponential Moving Average (100) 307.64 Buy
Simple Moving Average (100) 297.86 Buy
Exponential Moving Average (200) 292.75 Buy
Simple Moving Average (200) 292.22 Buy
Ichimoku Cloud Base Line (9, 26, 52, 26) 334.01 Neutral
Volume Weighted Moving Average (20) 338.39 Buy
Hull Moving Average (9) 352.00 Buy