08/02/20
Blue Chip Daily Chart of the Week:
Adobe Systems, ADBE
Close: $444.32
Stop level for position traders and investors: $389.64
please see chart analysis below
– ADBE is in a technical uptrend above the rising 20, 50, 100 and 200-day moving averages, indicating a strong uptrend on multiple time frames.
– The stock recently completed a 7.3% pullback before turning higher.
– ADBE has yet to test the rising 50-sma here, which is key support on any pullbacks, and below that $415 and $400.
– Adobe was on our member’s Top 20 ideas list last week at $430.31 and is on this list again this week.
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Have a great week,
Larry Tentarelli
Publisher
