ADBE is a buy if it retraces to the ~$220 trend line support within the next 1-2 weeks.
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Adobe reported earnings here. Check this out. The stock is down, although catching a little bit of a bid pre-market, but again, here you have a stock that fell into earnings. It's down more.
Check out this trend line. Major trend line. Price broke out. So, what do we know about trend lines that break out? What does price generally like to do? It likes to go back to the scene of the crime.
The scene of the crime means a retrace to that level which had acted as major resistance but now will act as support. And so again, even as a swing trade, I'm not even looking at this as a day trade.
I'm looking at this as a swing trade. If it pulls back to that trend line, I will be a buyer on a swing trade basis.
That's around 220. It's still about $20 lower, but if we do come in there the next week or two, I love that level as an opportunity to go long on Adobe.
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