$ADBE breaks above resistance in new “Go” trend

$ADBE breaks above resistance in new “Go” trend


November 2023


Alex Cole

$ADBE has seen price moving mostly sideways since the Go Countertrend Correction Icon (red arrow) in early September.

During that time, strong support was found at the lower horizontal resistance level.  Although GoNoGo Trend did paint some "NoGo" bars that level was never breached. At the beginning of this month, GoNoGo Oscillator broke above the zero line into positive territory and with heavy volume.  This renewed positive momentum pushed price up to test the resistance from the higher horizontal level (drawn from prior highs).  This time, with GoNoGo Trend painting strong blue bars, price was able to break out and set a new high.  We will look for price to consolidate above that old resistance level and use it as support going forward.