Adobe shares nearing good buying levels

Shares of Adobe (NYSE:ADBE) have pulled back nicely to the support level of a descending triangle. The share is also now within 3% of its 200MA. I will be keeping a close eye on the share in the coming days for a long term buying opportunity. This is a strong technology company with good prospects and prices are now at August 2020 levels.

Im looking at a price target of around $530 (17%) and a stop at the $425 level, given a conservative risk reward ratio of 2.2. Other supporting indicators are the MACD and RSI which both support the position that the stock is reaching oversold territory.