Watching ADBE around this 261.67 level, potential short-term bounce or deeper cut?

asked by u/irina.stoica · 17d · 3 answers

Been keeping an eye on $ADBE today, especially after the dip. It bounced pretty hard off 261.67 earlier, which was the low of the day. For me, that's an interesting spot. I'm wondering if we see some support holding there into the close or if that level breaks and we test something lower. If it punches through 261.67 convincingly and stays below, then my conviction for a bounce would be pretty much gone, and I'd be thinking about a deeper retest. Just observing price action around that point for now.

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Top answers

  • u/michael35· 5 pts· 17d

    That 261.67 level definitely seemed to be a significant intraday pivot. Given the broader market sentiment, I'd be leaning towards caution, but a strong close above it would be a good sign for a temporary bounce.

  • u/ren_c· 2 pts· 17d

    That level looks like a trap to me. Volume's not there for a sustained bounce, and the broader market's still wobbly. I'd be looking for a breakdown and then a retest of that level from below, not a hold.

  • u/ren5· 1 pts· 17d

    Ah, the classic 'will it bounce or keep plummeting into the abyss' game. Good luck to the brave souls trying to catch that falling knife, or rather, the gently descending software giant.

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