The Greedy Trader Weekly Analysis
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- 9/8/2023 -
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Adobe Systems (ADBE) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index is overboughtWilliams' Percentage Range is strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
Daily :Lane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergenceBearish Meeting Lines Candlestick
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It was the negative week for the Adobe Systems (ADBE). During the week, the ADBE gave back -2.85 points, or -0.51%, and closed at 560.36 on Friday, September 8, 2023. Weekly volume was -36% below average.

ADBE is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ADBE long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 699.54 and reached 274.73 on September 27, 2022. ADBE lost 424.81 points, or 60.73%, in 44 weeks. The price is now at the 67.24% retracement level.

Medium-term trend: [See ADBE medium-term trend chart]
A medium-term uptrend had started on September 27, 2022 at 274.73 and reached 570.24 on September 8, 2023. ADBE gained -295.51 points, or -107.56%, in 49 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ADBE weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 11, 2022. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ADBE short-term trend chart]
A short-term uptrend had started on August 18, 2023 at 503.91 and reached 570.24 on September 8, 2023. ADBE gained -66.33 points, or -13.16%, in 21 days. The price is now at the 14.90% retracement level.

Daily Technical Indicators: [See ADBE daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence.

The daily MACD line is above its signal line since August 28, 2023. This is an indication that the short-term trend is up.

Candlestick pattern: [See ADBE candlestick chart pattern]
On Friday the chart has formed a Bearish Meeting Lines Candlestick pattern. This pattern appears in an uptrend and is a sign that a potential bearish reversal is in play. The reliability of the Bearish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Meeting Lines Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 76.16
Williams' Percentage Range (W%R) 2.00
Strong Overbought
Lane's Stochastic (%D-Slow) 85.54
Overbought Bearish
Greed/Fear Indicator (GFI) 86.56
Overbought
Moving Average Converg./Diverg. (MACD) 10.12 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.07
Overbought Bearish
Williams' Percentage Range (W%R) 0.60
Strong Overbought
Lane's Stochastic (%D-Slow) 73.38
Bearish
Greed/Fear Indicator (GFI) 77.73
Moving Average Converg./Diverg. (MACD) 38.93 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 580.92
Daily Stochastic Crossing 563.54
Price 560.36
Weekly Stochastic Crossing 552.01
Parabolic System 547.14
20 Day Moving Average 533.89
50 Day Moving Average 522.23
Lower Bollinger Band 499.26
Sector and Industry
Description Name Rank
Sector Information Technology 11
Industry Application Software 93
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 551.08
Low Date 09/07/2023
High 570.24
High Date 09/08/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 503.91
Low Date 08/18/2023
High 570.24
High Date 09/08/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 318.60
Low Date 02/24/2023
High 570.24
High Date 09/08/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 274.73
Low Date 09/27/2022
High 570.24
High Date 09/08/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 699.54
High Date 11/22/2021
Low 274.73
Low Date 09/27/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.