Adobe is one of the largest tech companies around, their flash technology along with cloud is some of the finest offered in the space. Like most survivors of the dot.com era, Adobe has transformed itself to a company to meet the needs of the 21st century – speed, information, ease with a low-cost bias. From the looks of it they have been right on the mark.
The stock has performed admirably against its peers had managed to hit a new all-time high on Monday with some good volume to boot. After bottoming in June around Brexit, Adobe has put on a marvelous performance, notching higher highs, and higher lows along the way. The gap higher in September was massive on great turnover, and recent ‘bull retests’ (arrows) show this stock is tough to get on board. We always say the best trends are the toughest to ride onto, and this is the case here.
However, the run may not be over – we could see this move up again with some follow-through, no doubt toward the 120 area now before stalling out.
