Adobe, a beast hiding in plain sight!
Adobe Inc. (ADBE) on the 1-hour chart illustrates a recent decline from a swing high, followed by a recovery forming a harmonic pattern labeled with points A, B, C, D, and E.
Key Fibonacci retracement levels are highlighted, including the 0.618 level at 455.67 and the 0.5 level at 451.53, along with Fibonacci extension levels at 1 (469.07) and 1.23 (477.14).
The chart features a Volume Weighted Average Price (VWAP) line from the previous month's swing high, which may act as a dynamic resistance around the 469.07 level.
Volume analysis reveals lower recent activity compared to previous spikes, indicating a possible consolidation phase.
The RSI (Relative Strength Index) currently reads around 53.78, suggesting neutral to slightly bullish momentum. Key support levels are identified at 433.97, with resistance levels at 469.07 and 477.14.
The harmonic pattern suggests a potential bullish scenario if the price moves beyond 469.07 towards 477.14, while the downside risk includes a possible drop to support levels at 455.67 or 451.53 if the price fails to sustain current levels.
Key Fibonacci retracement levels are highlighted, including the 0.618 level at 455.67 and the 0.5 level at 451.53, along with Fibonacci extension levels at 1 (469.07) and 1.23 (477.14).
The chart features a Volume Weighted Average Price (VWAP) line from the previous month's swing high, which may act as a dynamic resistance around the 469.07 level.
Volume analysis reveals lower recent activity compared to previous spikes, indicating a possible consolidation phase.
The RSI (Relative Strength Index) currently reads around 53.78, suggesting neutral to slightly bullish momentum. Key support levels are identified at 433.97, with resistance levels at 469.07 and 477.14.
The harmonic pattern suggests a potential bullish scenario if the price moves beyond 469.07 towards 477.14, while the downside risk includes a possible drop to support levels at 455.67 or 451.53 if the price fails to sustain current levels.
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