Technical analysis

Adobe Wave Analysis 23 March, 2021

Adobe Wave Analysis 23 March, 2021

• Adobe broke resistance zone

• Likely to rise to resistance level 480.00

Adobe recently broke the resistance zone lying between the resistance level 454.00 (former strong support from January and February – which stopped the pervious correction (a) at the start of March) and the 38.2% Fibonacci correction of the downward impulse (iii) from last month.

The breakout of the resistance level 454.00 accelerated the (c)-wave of the active ABC retracement (iv).

Adobe is likely to rise further toward the next resistance level 480.00 (top of the minor correction (b) from February and the target price for the completion of wave (iv)).

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