Adobe Systems Inc. - (ADBE) - August 26, 2021
We last looked at Adobe Systems Inc. (ADBE) on June 15th, 2021, when it just entered the Neutral Zone of the SIA S&P100 Index Report at a price of $556.95. At that time, we noted an interesting pattern where the shares had just broken out to the upside after a nine-month sideways consolidation pattern. This breakout signaled the end of the consolidation phase and the start of a new rally phase. Today, we see that the shares have continued to remain strong, and the subsequent rally phase had indeed materialized. The shares currently sit in the #11 spot in the Favored Zone of the Report.
With yesterday’s closing price of $656.80 this represents an 17.9% increase since we last commented on it 2 months ago. Adobe Systems Inc. (ADBE) entered the Favored Zone of the SIA S&P 100 Index report on June 24. In looking at the Candlestick chart, we see that the shares have broken past previously identified resistance level of $635.00 to $650.00. The next area of resistance can now be found at the $700.00 area. Support can now be found at the $625.00 level.
In the attached Point and Figure Chart at a 2% Scale, we see the shares rally phase has been very strong and the next potential area of resistance is coming up at $681.51 based on the difference between the lower band and the upper band of its sideways consolidation pattern it experienced from Aug 2020 to June 2021. Support can be found at its 3-box reversal level of $605.16, and below that, $570.26 which is the 67% retracement point. With a SMAX of 10 out of 10, Adobe Systems is still exhibiting near term strength against all the asset classes.
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