Post earnings rally continues

Adobe continues its rally after reporting its earnings at the start of the month. Up more than 3% on the day with the share price now around $544.89 a share. Looking at the weekly chart, the next target area of the bulls is highlighted by the blue channel. However, the stock will first face resistance at $552.88 and then $574.37. If those two levels can be broken, the likelihood of a move into the area above will certainly increase. Towards the downside, traders have support at $528.67 followed by the more important level of $498.91. A dip below $498.91 could be taken as a sign of weakening momentum and see the sellers mount up, forcing the price back toward the trendline support. However, with the current market sentiment on tech, the downside is less likely than the upside in the near term. Regarding the technical indicators, the MACD has turned positive once again and the RSI is back to positive as it now reads 56.