June 20 Chart of the Day - Adobe
Adobe (ADBE) has been on an upside tear the past month melting up through possible resistance levels, much like the overall market indices. Most notably on this chart is that price cruised through a "change control zone" without much pushback by the bears putting the bulls in control of this weekly chart for now.
But can the bulls hold serve?
With Friday's close at $495.18 and the futures trading lower since then, it would appear that price may want to take a breather today which could provide a jumping on point for traders and investors in the form of a pull back long opportunity.
With unmet upside targets in the $537 area, price may first want to revisit the $450 - $470 change control zone and play a bit of tug-of-war before deciding if this pullback is a shallow or deep one as indicated on the daily chart.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
Have a chart you'd like to see featured?
Send requests at https://stockchartpros.com/community/contact
Would you like charts like this delivered directly to you every day? ChartPros Trade Room is offering a 7-day free trial at this link.
