Adobe (ADBE) Options Signal Bullish Bias: Key Strike Levels and Trade Setups for Dec 5–12 Expirations

• Adobe’s Q3 earnings beat estimates, with revenue up 10% to $5.99B and a raised FY2025 guidance of $20.80–$20.85/share.
• Options market shows a call-heavy bias: Put/Call Open Interest ratio at 0.82, with top call OI at $335 and $340 strikes.
• Technicals hint at short-term bullish momentum (RSI at 40.5, MACD crossing above signal line), but long-term averages (200D: $370.80) weigh on upside.

Adobe’s stock is dancing on a tightrope today. On one hand, its options market screams bullish—calls dominate open interest, and earnings reports keep beating estimates. On the other, long-term moving averages loom like storm clouds. But here’s the kicker: the data points to a clear upside bias if the stock can break above key resistance. Let’s break it down.

Bullish Sentiment in Options: Calls Outmuscle Puts at Key Strikes

The options chain tells a story of cautious optimism. For this Friday’s expirations (Dec 5), the top call open interest piles up at $335 (OI: 1,054) and $340 (OI: 1,273), while puts max out at $305 (OI: 1,025). The 0.82 Put/Call OI ratio isn’t just a number—it’s a signal that traders are betting on a rebound above $327.60 (30D resistance).

But don’t ignore the risks. The $312.13 lower Bollinger Band is a magnet for panic selling. If ADBE dips below $324.12 (today’s intraday low), that puts pressure on the $315–$320 put strikes, where 2,000+ contracts are waiting to pounce. No block trades to tip the scales today, but the call-heavy setup suggests big money is hedging for a short-term pop.

Earnings, AI Moves, and Analysts: Why the Bull Case Holds

Adobe’s Q3 results were a mixed bag. Yes, the stock is down 50% from pandemic highs, but its Digital Media segment grew 11% to $4.46B, and the $1.9B SEMRush acquisition signals a bold push into digital experience. Analysts aren’t all bearish—despite Citigroup’s $366 cut, the average price target remains $428.96.

Here’s the catch: AI disruption fears are real, but Adobe’s 30% net margin and $1.77B net income show it’s not just surviving—it’s adapting. The recent Premiere Pro iPhone launch and AI integration bets could turn skeptics into believers. Investor sentiment might swing wildly if the stock tests $324.12, but the fundamentals are sturdy enough to justify the options optimism.

Trade Setups: Calls for the Breakout, Puts for the Safety Net

For options traders, the ADBE20251205C335 (Dec 5, $335 call) is a high-conviction play. If ADBE cracks $327.60 (30D resistance), this strike could see explosive gains. For a longer-term angle, the ADBE20251212C340 (Dec 12, $340 call) aligns with the 200D average as a psychological hurdle.

On the downside, the ADBE20251212P315 (Dec 12, $315 put) offers protection if the stock stumbles below $324.12. For stock buyers, consider entries near $324.12 (intraday low) with a target at $335. If it breaks $327.60, re-evaluate for a push toward $340.

Volatility on the Horizon: Balancing Short-Term Gains and Long-Term Caution

Adobe’s story is a tug-of-war between short-term momentum and long-term gravity. The RSI at 40.5 suggests oversold conditions, but the 200D average ($370.80) is a mountain to climb. Traders should watch the Dec 5 expirations closely—calls at $335–$340 could act as a catalyst or a ceiling.

Bottom line: This is a stock with legs, but patience is key. Ride the call-heavy wave if the breakout happens, but keep a safety net in place. Adobe isn’t just surviving the AI storm—it’s learning to dance in the rain.