Upcoming Earnings:

Adobe Inc. (ticker: ADBE) is scheduled to report earnings after the market closes on 12 September. The consensus earnings per share (EPS) estimate for the fiscal quarter ending August 2024 is US$3.63. The reported EPS for the same quarter a year prior was US$3.26.

Ichimoku Support

Ahead of Adobe’s earnings release this week, price action has been trading from the Ichimoku’s Conversion Line (blue at US$572.35) as support since late August.

Supporting buyers, traders will also note that the Conversion Line crossed above the Ichimoku’s Base Line (red at US$547.85) on 19 August, and the stock trades beneath the Ichimoku’s Lagging Span (dark green at US$580.38). It is also clear that the Ichimoku Cloud is facing north and could provide buyers with a space to consider bullish scenarios should a correction unfold. The Ichimoku Cloud comprises the Leading Span B (light orange at US$543.35) and the Leading Span A (light green at US$560.10).

Price Direction

In view of the bullish signals derived from the Ichimoku Indicator, as well as the lack of selling interest from resistance at US$597.77, a breakout higher could be seen, aiming for resistance from US$612.66.

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