Adobe Inc. (ADBE) advanced in recent intraday trading, with the stock remaining within a short-term bullish corrective wave after previously breaking above a short-term descending trendline. Positive momentum continues to be supported by the stock’s trading above its 50-day Simple Moving Average (SMA), which is acting as dynamic support and strengthening the prospects for extending the recent gains in the near term. Meanwhile, momentum indicators continue to generate bullish signals after the stock successfully worked off part of its overbought conditions, providing additional room for further upside.

 

Therefore, our outlook remains bullish for the stock’s upcoming trading sessions, as long as support at $245.00 remains intact. Under this scenario, the stock is expected to target the key resistance level at $285.00.

 

Today’s price forecast: Bullish.