Adobe Inc (ADBE) – [ Chance to Accumulate? ]
Chart Source: Tradingview.com
Most of us should be familiar with Adobe and its wide range of products. It has recently pull backed due to its revenue forecast falling shy of analyst’s estimates. The stock has fell about 22% since its high and has recent found support at $540.
With inflation concerns, it is important to focus on solid companies with good strong fundaments and wide economic moat like Adobe. Investors are switching out of high-growth, high-multiple stocks and into sectors that are generally viewed as more resistant to inflationary pressures and rate hikes.
From the chart a nice accumulation phase between $540 to 575 range is a value buy. If Adobe starts to pullback a little that’s when an investor can take advantage of the downside and scale in. Some upside targets $636 then $670.
Downside support: $559, 540, 530, 525.
Yours
Humbly
Kelwin&Roy
