Adobe stock price remains above 20 DMA, will it reach $350 before the end of October?
- Adobe stock price rose 2.34% to $299.83 on Thursday.
- NASDAQ: Adobe’s price remains above the 20-day moving average on the daily price scale.
- The half line of the daily RSI indicator (50 points) will recover later.
Adobe Inc. is about to enter the metaverse with a new software tool that will support 3D content creation. Adobe unveiled its new tools on Thursday. Adobe forecasts revenue of $19.1 billion to $19.3 billion in 2023, with normalized EPS of $15.15 to $15.45. Adobe also said digital media will generate about $1.65 billion in new cash flow annually.
According to technical analysis from Adobe Inc., market sentiment appears weak over the long term. On the other hand, the current price zone is favorable for new investments, as the price consolidates above the 60-day low zone in October.
Against the backdrop of the daily price scale, the $275-$280 area acts as a demand zone for swing traders. This support zone has already provided pump prices twice in the past few days. But eventually, buyers pushed ADOBE price higher to the 20-day moving average (white). From now on, this moving average can offer more support.
The $300 conceptual level puts pressure on buyers, so Adobe stock price has dropped here multiple times. Again, the pre-market open shows a positive open in values. however, Thursday was a great trading session for investors as the asset price rose 2.34% and closed at $299.83. Moreover, the trading volume is high, suggesting a volatile market and overnight, it brought in $5.5 million.
On the daily price chart, the RSI indicator is about to hit a half recovery line (50 points) later. However, he was rejected once by the same level in early September. Additionally, the MACD indicator is heading towards the neutral zone after a bullish crossover with a higher histogram.
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NASDAQ: Adobe stock price is trading well above the 20-day moving average. The global market looks positive since the last session. In particular, the MACD and RSI suggest a positive trend in the price of the asset, so buyers may push the price higher towards the $350 resistance.
Support level – $275 and $250
Resistance level – $330 and $365
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