Oversold shares of ADBE are just starting to pivot higher from overextensions on RSI, MACD, Williams’ %R, Money Flow, and Full Stochastics. Plus, after finding strong support at around $190, we’d like to see the stock test $220 initially. Helping, analysts at HSBC just upgraded the stock to a buy rating with a price target of $308 a share. The firm also says the stock is significantly undervalued and that AI concerns are greatly overdone.

Weakness may have created a buy opportunity – especially as the company continues to benefit from an unstoppable AI boom. We also have to remember that Adobe is one of the dominant players in creative software, with millions of users relying on its products for professional design, marketing, video editing, and document management. 

Sincerely,

Ian Cooper