Leading software stock, Adobe Inc (ADBE) is getting crushed after reporting earnings this morning. The software giant is trading down by more than 9.0% to $571.32 a share. The company reported in-line Q4 results and issued below consensus guidance for FY22. The street did not like this news and is punishing the stock in a big way. Adobe Inc (ADBE) stock is now trading below the 200-day moving average and is now a very weak chart. The stock has lost nearly 128.00 points since it’s recent all time high on November 22nd, 2021. This was a leading stock in the tech sector and it is now a broken name. Traders should expect lower share prices ahead in the near term.
The next major support area for Adobe Inc (ADBE) stock will be around the $530.00 area. This is where Adobe Inc (ADBE) has a major retrace level from the 2020 lows. It is also where the stock broke out of a long sideways base in June 2021. This should be where the large institutional traders defend the stock. I would not be rushing into this name anytime soon until that major support level is reached.
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