Adobe Stock's Breather Could Be Short-Lived

ADBE could soon extend its 65.4% nine-month lead

Digital Content Manager
Feb 5, 2024 at 2:54 PM
facebook X logo linkedin

Adobe Inc (NASDAQ:ADBE) stock is down 1.1% at $628.06 at last check, but in the previous session hit a two-year high of $638.25, after long-time support at its 100-day moving average contained its January pullback to the $566 region. ADBE could soon extend its 65.4% nine-month lead, too, if past is precedent.

ADBE 100 Day

The stock is sporting historically low implied volatility (IV), which coincides with the security's recent highs to make up a bullish combination. Per Schaeffer's Quantitative Analyst Rocky White, there were seven other signals during the last five years when ADBE was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) stood in the 20th percentile of its annual range or lower. 

This is the case with the stock's current SVI of 27%, which stands in the 18th percentile of annual readings. Per White's data, the shares were higher one month later 86% of the time after the signal, averaging a 4.7% rise. From its current perch, a similar move would place the stock above $657 for the first time since December 2021. 

While the options pits are already mostly bullish on ADBE, some firms remain on the sidelines. In fact, six of the 27 brokerages in question still sport a tepid "hold" or worse rating. Should any of these analysts become more optimistic, Adobe stock could surge even higher.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI