Software company Adobe ( ADBE) is up sharply Thursday after word it's expanding its generative artificial intelligence tool called Firefly to businesses. I reviewed the charts of ADBE on June 2, and wrote that "ADBE could trade sideways around the $420 area for a few days or more. Traders could use this sideways action to buy ADBE. Risk to $390 for now. The $467 area is my first price target."
Let's check the charts again. 
In this updated daily bar chart of ADBE, below, I can see that prices have traded sideways in the past few days. ADBE is on the edge of making a new high for the move up. ADBE trades above the rising 50-day moving average line and above the bottoming 200-day line. The trading volume and the On-Balance-Volume (OBV) dipped in recent days and that is typical of sideways patterns. The Moving Average Convergence Divergence (MACD) oscillator is bullish, but starting to narrow slightly.
In this weekly Japanese candlestick chart of ADBE, below, the most recent candles suggest a pause in the rally. A candle this week that closes above $450 is likely to refresh the uptrend. Prices trade above the bottoming 40-week moving average line. The weekly OBV line is trying to move higher. The MACD oscillator is bullish.
In this daily Point and Figure chart of ADBE, below, I can see an upside price target in the $467 area. A trade at $444 should refresh the uptrend.
In this weekly Point and Figure chart of ADBE, below, I can see a longer-term price target of $659.
Bottom line strategy: Traders who used the recent sideways price action to go long should continue to hold with a stop at $390. Add to longs on strength above $444.
