Watch These Adobe Price Levels After Stock Plunges on Light Outlook

Core View - Adobe shares dropped sharply in extended trading due to a disappointing current-quarter outlook, despite better-than-expected fiscal Q3 results [1][3] - The stock is at risk of breaking below the lower trendline of an ascending triangle pattern, potentially starting a new downtrend [1][3] Technical Analysis - Adobe shares have been trading within an ascending triangle since late February, with a recent golden cross formation indicating a potential uptrend [3] - The stock fell 9 1% to $533 in after-hours trading, signaling a possible breakdown below the triangle's lower trendline [3] Key Support Levels - $500: Psychological support level and horizontal line connecting peaks and troughs from June 2023 to August 2024 [4] - $439: Potential buying opportunity near pre-gap consolidation period from May to June 2023, aligning with the May 2024 swing low [4] - $386: Support area near peaks from February to April 2023 [4] - $333: Long-term correction target, aligning with the May 2023 swing low and measured move price target [5] Key Resistance Level - $550: Potential selling pressure during countertrend moves, near the ascending channel's lower trendline [6] Market Context - Adobe shares have gained 28% over the past three months but remain underwater for the year due to cautious enterprise spending amid economic uncertainty and high interest rates [2]