Expected to report a 10.5% increase in revenue

Taking a look at Adobe ahead of its earnings report tomorrow. Currently, its stock is trading at around $579.21 a share. We can see a smooth supportive trendline continues offering the much-needed support7, especially after some selling across February. As the stock markets shrug off hotter-than-expected inflation data, alongside the buzz of a new bull market underway due to AI hype, certain tech companies are creating new opportunities for themselves for the future. Adobe is expected to report an increase of 10.5% in revenue, with clear innovation in AI at play, we may see positive guidance from the company which would likely see an uptick in its share price. Based on the daily chart, we can see support has been established at $528.56 and then at $538.34. A break of these support levels could then see a further fall towards $506.94 and maybe $498.83. Towards the upside, the price managed to close yesterday’s session above the resistance of $574.37, therefore, the next psychological target can be $595-$600. This would suggest a move of around 2.6-3.5% after the earnings outcome. Looking at the technical indicators, the MACD has turned positive once again and the RSI is neutral but on the rise as it reads 53.