Swing Trade Idea (ADBE) – August 15th, 2023
Our bullish trade for Tuesday, August 15th is Adobe Inc. (ADBE). ADBE is part of the Technology Sector, which found support and has performed at -1.21% over the last week, with ADBE following suit as it performed at -1.41% over the same period.
ADBE is in a strong bullish trend and recently found support at the $500 area. As the Relative Strength is 10 (out of 10) and it is trading above its 50 Day EMA, we believe the ADBE will continue this trend over the duration of this trade.
As a close, if ADBE were to trade below $490 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $34.76.