Adobe stock continued its strong rally this week, reaching its highest level since February this year. ADBE has soared by 52% from its lowest level this year, and this rally may continue after forming a golden cross pattern as its earnings loom.

Adobe stock has formed a golden cross pattern

The daily chart shows that ADBE stock has soared in recent months, climbing from a June low of $190 to its current price of $289. The rally was driven by investors buying the dip and a broader rebound in software stocks. Adobe’s uptrend continued on Thursday, boosted by Salesforce shares surging after a strong earnings report.

Adobe has moved above the crucial resistance level of $275, its highest level on June 1, a sign that bulls have prevailed. Most…