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Fan Yang

Adobe Inc. (ADBE) to Pullback to a Key Support Around $280

Adobe Inc. $ADBE is in a bullish mode, but found resistance around $310 and has started to retreat. I think ADBE is a buy-the-dip name at this point. 

ADBE Daily Chart

(click to enlarge)

Resistance to Turn Into Support:
- In a bullish trend, we will often see key previous resistance turn in to support.
- So even the $290 area might provide support. 
- However, sometimes the market swings wider than that, and I think there is a chance ADBE will swing towards the $275-$280 area. 
- This area involves a rising trendline and the 2018 high/resistance. 
- At this point only a break below $260 will convince me ADBE is not bullish but in consolidation or even bearish correction mode in the medium-term (in upcoming months).
- The current correction is potentially just a short-term one (a couple of weeks or at most a month like the May correction). 
I have some exposure in ADBE and will add if price gets to $280. 

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