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Adobe’s stock is currently trading at 403.72-higher by 4.14% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 4.48%. The stock has pared some of its earlier gains after the opening bell.
The company reported its second-quarter earnings after the market close on Thursday. Adobe generated an adjusted EPS of $2.45 for the second quarter. The EPS was above the market expectation of $2.32. The company brought in $3.13 billion in revenue for the second quarter. The revenue was, however, slightly below the consensus estimates of $3.16 billion.
Adobe reported better-than-expected earnings as the drive for mobile workplaces because of the coronavirus outbreak increased demand for its digital products. The California based company sees Q3 2020 EPS (excluding certain items) of $2.40, versus the consensus of $2.46. Adobe forecasts Q3 2020 revenue of $3.15 billion, versus the market expectation of $3.26 billion. Stocks of Adobe have rallied around 22% so far in 2020.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 63.13% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- STOP BUY AT 404 TAKE PROFIT AT 411 STOP LOSS AT 400