The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 5/31/2024 -
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Adobe Systems (ADBE) Technical Analysis

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Summary:
Weekly :Broken trend support lineWilliams' Percentage Range is oversoldStochastic signal line moved above oversold areaRelative Strength Index and Lane's Stochastic bullish divergenceTrend support at 445.16
Daily :Daily  MACD line has moved below its signal lineThe price is below the lower Bollinger BandBullish Hammer Candlestick
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It was the negative week for the Adobe Systems (ADBE). During the week, the ADBE dropped -30.67 points, or -6.45%, and closed at 444.76 on Friday, May 31, 2024. It was the worst weekly loss since March 15, 2024. Weekly volume was 40% above average.

Long-term trend: [See ADBE long-term trend chart]
A long-term uptrend had started on September 27, 2022 at 274.73 and reached 638.25 on February 2, 2024. ADBE gained -363.52 points, or -132.32%, in 70 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (663.40) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.

Medium-term trend: [See ADBE medium-term trend chart]
A medium-term downtrend had started on February 2, 2024 at 638.25 and reached 433.97 on May 31, 2024. ADBE lost 204.28 points, or 32.01%, in 17 weeks. The chart has formed a Falling Wedge chart pattern. The price is near the trend support (445.16) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.

Weekly Technical Indicators: [See ADBE weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly oversold Williams' Percentage Range. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Weekly Relative Strength Index and Lane's Stochastic have bullish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic bullish 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 below its signal line since December 22, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See ADBE short-term trend chart]
A short-term downtrend had started on May 7, 2024 at 496.76 and reached 433.97 on May 31, 2024. ADBE lost 62.79 points, or 12.64%, in 24 days. The price is now at the 17.18% retracement level.

Daily Technical Indicators: [See ADBE daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Candlestick pattern: [See ADBE candlestick chart pattern]
On Friday the chart has formed a Bullish Hammer Candlestick pattern. The pattern signifies a weakening in bearish sentiment and renewed buying sentiment acts as support and drives the price higher to close near its opening price. The reliability of the Bullish Hammer is high if it forms near support levels. However, it tends to have little significance, if it forms in the middle of a trading range. Use the Technical Stock Screener to see the list of stocks that had a Bullish Hammer Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 23.85
Williams' Percentage Range (W%R) 78.10
Lane's Stochastic (%D-Slow) 26.53
Greed/Fear Indicator (GFI) 24.09
Moving Average Converg./Diverg. (MACD) -3.80
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 29.71
Bullish
Williams' Percentage Range (W%R) 93.30
Strong Oversold
Lane's Stochastic (%D-Slow) 21.24
Bullish
Greed/Fear Indicator (GFI) 21.99
Moving Average Converg./Diverg. (MACD) -12.12 Bullish
Trading Signals
Description Value Chart
Upper Bollinger Band 499.87
50 Day Moving Average 482.56
Parabolic System 482.34
20 Day Moving Average 479.58
Monthly Trendline Resistance 461.19
Lower Bollinger Band 450.79
Weekly Stochastic Crossing 449.33
Daily Stochastic Crossing 447.98
Monthly Trendline Support 445.16
Price 444.76
Sector and Industry
Description Name Rank
Sector Information Technology 4
Industry Application Software 29
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 491.68
High Date 05/23/2024
Low 433.97
Low Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 496.76
High Date 05/07/2024
Low 433.97
Low Date 05/31/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Test Support
Resistance 461.19
Support 445.16
High 638.25
High Date 02/02/2024
Low 433.97
Low Date 05/31/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 734.78
Support 663.40
Low 274.73
Low Date 09/27/2022
High 638.25
High Date 02/02/2024
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.