Adobe Inc. (‘ADBE’)
Shares of Adobe Inc. (symbol ‘ADBE’) have incurred losses in the last quarter of around 7% with the majority of it being made in the last two weeks of February. The company’s earnings report for the fiscal quarter ending February 2024 is due for release on Thursday 14th March, before the market opens. The consensus EPS is $2.97, against $3.57 in the same quarter last year.
As of 30/11/2023, the company had a strong current ratio of 134% meaning that they have the ability to repay any short-term obligations with the current assets at hand and therefore be somewhat safe from any minor financial turbulence. Also, the total assets outweigh total liabilities at a ratio of more than 2:1 while long-term debt has declined by 0.14% year over year. All these indications show that Adobe has a sound financial image to display and therefore capable of attracting strong investors.
From the technical analysis perspective, the price has found sufficient support on the lower band of the Bollinger bands and has corrected to the upside. At the time of this report being written, the price is testing the resistance of the 38.2% of the daily Fibonacci retracement level which is also an inside resistance area of price reaction in the early days of 2024. The Stochastic oscillator is in neutral levels indicating that the price has the potential to move in either direction while the 50-day moving average is trading above the 100-day moving average showing that the overall bullish momentum is still in effect. The Bollinger bands are also quite expanded therefore showing that volatility for the share is boosted. All of these combined support a possible buying narrative and if this is proven to be correct, then the first area of possible resistance might be found around the $585 price area given that the price manages to make a valid break above the $572 level which is the major technical resistance level of the short-term outlook.
As of 30/11/2023, the company had a strong current ratio of 134% meaning that they have the ability to repay any short-term obligations with the current assets at hand and therefore be somewhat safe from any minor financial turbulence. Also, the total assets outweigh total liabilities at a ratio of more than 2:1 while long-term debt has declined by 0.14% year over year. All these indications show that Adobe has a sound financial image to display and therefore capable of attracting strong investors.
From the technical analysis perspective, the price has found sufficient support on the lower band of the Bollinger bands and has corrected to the upside. At the time of this report being written, the price is testing the resistance of the 38.2% of the daily Fibonacci retracement level which is also an inside resistance area of price reaction in the early days of 2024. The Stochastic oscillator is in neutral levels indicating that the price has the potential to move in either direction while the 50-day moving average is trading above the 100-day moving average showing that the overall bullish momentum is still in effect. The Bollinger bands are also quite expanded therefore showing that volatility for the share is boosted. All of these combined support a possible buying narrative and if this is proven to be correct, then the first area of possible resistance might be found around the $585 price area given that the price manages to make a valid break above the $572 level which is the major technical resistance level of the short-term outlook.
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