Adobe Inc

ADBE is in a Stage 2 advance within a long-term downtrend. Medium-term bias is bullish, driven by Stage 2 Advancing, rising EMAs, and active bullish patterns, while long-term trend remains down. Short-term price is extended above rising EMAs and has reached overbought territory, warranting patience. We will stalk pullbacks into the rising 9/21 EMA support zone in line with the High Quality Dislocated Assets strategy.

• ↑Q2 FY26 revenue $6.62B up 11% YoY; EPS $5.96 up 18%.
• ↑ARR reached $27.1B, +12.5% YoY; AI-first ARR exceeding $500M.
• ↓Freemium model launch may depress near-term ARR and margins.