ADBE pushes through Monday's high
Adobe Inc. (ADBE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
ADBE finished the month 12.6% higher at 435.31 after gaining $11.11 (2.62%) today, outperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 428.48, the stock confirmed its breakout through the prior session high after trading up to $8.43 above it intraday.
Daily Candlestick Chart (ADBE as at Jun 30, 2020):
Tuesday's trading range has been $13.05 (3.06%), that's above the last trading month's daily average range of $11.12. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ADBE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, ADBE actually lost -2.30% on the following trading day.
Prices are trading close to the key technical resistance level at 438.18 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 438.18 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Adobe. Out of 840 times, ADBE closed higher 54.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.74% with an average market move of 1.10%.