Glad I never took a position in Adobe. What a brutal ride for the folks at the top.The break in the positive divergence on the histograms was the first sign that sentiment changed. Price fell out of the base in mid-November, recovered, then hit its head at the 3D 55 EMA / upper trend channel and retreated.
I don’t know the future and no indicator can but I do know that around $280 buyers should be waiting. That level would likely line up as a double-bottom area, and the volume profile suggests there’s a fib confluence there too. Will it make it to $280? No idea. But if it does, I expect buyers will show up and I may pick up a few shares myself just for a trade.
That said, Adobe still has headwinds, and I think they’ll need to diversify to work their way out of the mess they’re in.
Speaking of stocks that have been beat up, CPB a dividend stock I have a target which is rather wide but between $21 to $23 which is a rough measured H&S move and the 127.2 fib with little volume not sure what to think about that issue. I think it will the next resting place for CPB. If it makes it there, that will be one I'll let ride for a few years if conditions are favorable.
By the way CPB stopped on a triple bottom for a while than jumped off a cliff. They thought it was a triple bottom, which it was, but it was also a Head & Shoulders
Better to let it find a floor before even thinking about it.CPB looks like a skid mark in a toilet bowl one that is going to take a whole lot of scrubbing. I give it a triple
logger at this point. If delisting from the S&P 500 is really on the table, then $20 likely is not the floor. Anyone buying here could be stepping straight into a pile of
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