$ADBE looks to rally out of a “NoGo” that has price plummet from over $400 to less than $275.
After moving sideways since October, we see price has rallied to test the level of resistance that comes from a large gap down. This level has acted as resistance before but this time price approaches it in a “Go” trend with GoNoGo Oscillator breaking above zero on heavy volume. We will look to see if this gives price the push it needs to break above resistance. As we know, gaps tend to get filled and so a sensible first target could be the top of the gap at $365.
