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Adobe Wave Analysis – 27 May, 2020

Adobe Wave Analysis – 27 May, 2020

  • Adobe reversed from strong resistance level 386.50
  • Likely to fall to 350.00

Adobe recently reversed down sharply from the strong resistance level 386.50 (which stopped the previous sharp upward impulse wave (5) in the middle of February), intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 386.50 created the daily Japanese candlestick reversal pattern Bearish Engulfing.

Adobe is likely to fall further toward the next support level 350.00 (low of the previous Morning Star from the middle of May).

Adobe Wave Analysis – 27 May, 2020

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