Nov. 14 at 11:21 PM
Market Context:
$ADBE is currently trading at
$331.11, below its 30-day moving average (MA30) of
$340.83 and 50-day moving average (MA50) of
$346.61, indicating bearish momentum. The RSI at 26.33 suggests the stock is oversold, which may lead to a potential reversal or a short-term bounce.
Directional Bias: The bearish trend is reinforced by the price being closer to the 60-day low of
$323.03. However, the oversold RSI indicates a possible short-term recovery.
Suggested Entry: Consider entering a long position around
$331.11, with a stop loss set at
$323.00 to limit potential losses.
Targets: The first target is set at
$340.00, aligning with the MA30, while the second target is at
$350.00, which is below the MA50 and within the recent high-low range.
Overall, the trade plan suggests a cautious long position with defined risk and potential for short-term gains.
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