Member “jessiej” inside 12631 referenced large cap tech stock Adobe in front of their earnings tomorrow, after the bell. I am not much of an earnings gambler, but I do think the stock is worth analyzing here.
Adobe has seen an incredible breakout in 2013, resolving higher out of a multi-year channel, as you can see on the monthly chart below.
With the Nasdaq clearly lagging today, the stock’s reaction may very well be particularly telling tomorrow to see if a true change in sentiment is upon us. While I am not claiming that Adobe is a major market “tell,” by any stretch, I do think it will be important to see if the all-time highs (from 2007, highlighted) will now act as overhead supply/resistance with price arriving there in a steep rally this year.
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O.T.> the panic in FB is worth playing and this one could move much lower in a hurry .
Thanks, OT!