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Ichimoku Watch: Adobe in the Spotlight

Ichimoku Watch: Adobe in the Spotlight, FP Markets

Upcoming Earnings:

Adobe Inc. (ticker: ADBE) is scheduled to report earnings after the market closes on 13 June. The consensus EPS estimate for the fiscal quarter ending May 2024 is $3.54. The reported EPS for the same quarter a year prior was $3.04.

Kumo Cloud Demanding Attention

According to the Ichimoku Indicator, an Ichimoku Cloud resistance is present nearby, formed between the Leading Span A at $459 and the Leading Span B at $470. What is likely to drive interest in this area, apart from the downtrend that has been underway since price action formed a double-top pattern at $634 earlier this year, is the two converging ascending and descending lines to indicate resistance (these are not technically trendlines), which merge at $482.

Price Direction?

Technical analysts have quite a simple chart to work with ahead of tomorrow’s earnings.

The combination of a downtrend, the ascending/descending lines offering resistance, and the downtrend is perhaps enough technical evidence to draw in seller interest if the Ichimoku Cloud is challenged.

Ichimoku Watch: Adobe in the Spotlight, FP Markets


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