ADBE closes higher for the 3rd day in a row
Adobe Inc. (ADBE) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ADBE ended the month 2.07% higher at 444.32 after gaining $5.44 (1.24%) today, underperforming the Nasdaq 100 (1.78%). Trading up to $6.98 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 17th, ADBE gained 5.28% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ADBE as at Jul 31, 2020):
Friday's trading range has been $9.42 (2.13%), that's below the last trading month's daily average range of $12.74. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ADBE.
The share managed to close back above the 20-day moving average at 442.51 for the first time since July 22nd.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Adobe. Out of 433 times, ADBE closed higher 60.51% 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 64.20% with an average market move of 1.31%.