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Adobe (ADBE) fall from grace has been striking. Once one of the market’s most reliable software winners, the stock is now trading near levels last seen in early 2019, giving back nearly all of its pandemic-era and AI-era gains. From a technical standpoint, the picture has steadily worsened.
Shares have remained trapped in a long-term downtrend since peaking in 2021, with each rally producing lower highs. The sell-off last week pushed Adobe below the key $225 support zone that had held several times over the past year, leaving the stock vulnerable to a test of the next support area around $200 to $220.
