$ADBE Adobe Poised for a Run

28 set 2020

ADBE Broke out of a falling wedge pattern to the upside today on the daily chart, held the 20d ema line as support and closed above recent highs. Expect to see a strong continuation move in the coming days.

Also of note, we saw some bullish unusual options activity late last week with 5k $420.00 strike (deep ITM) Jan'21 calls traded Friday vs open interest <300 or 19 times OI. These contracts were over 8k each for a total premium outlay of 42.1M - this was likely a large hedge fund trade.

Near term target - $540-$560 range by late October


Note This is NOT investment advice.