Adobe (ADBE) Options Signal Bullish Bias: Key Strikes and Trade Setups for Q4 Earnings Momentum

• Adobe just reported a Q4 earnings beat and raised FY2026 guidance, but analysts remain split on its $417.93 average price target.
• Options market shows a 13% call-heavy open interest imbalance (Put/Call ratio: 0.88), with heavy call buying at $365–$370 strikes expiring this Friday.
• Technicals suggest a short-term bullish bias, but RSI at 75.36 warns of near-term overbought conditions.

Here’s what the options data and technicals tell us about ADBE’s next move

Adobe’s options market is painting a clear picture: bulls are stacking up for a post-earnings rally. The call/put open interest ratio of 0.88 (calls dominate) shows big money is positioning for a rebound above $356.63 (30D support/resistance). Let’s break down why this matters for your trading desk.

Bullish Pressure at $365–$370 Strikes, But Watch the RSI Divergence

The top OTM call strikes with heavy open interest—$365 (OI: 1,545), $370 (OI: 1,369), and $360 (OI: 1,363)—all expire this Friday (Dec 26). This clustering suggests institutional players are hedging for a short-term pop above the 30D support level at $355.72. But here’s the catch: RSI at 75.36 signals overbought conditions, and a failure to clear $359.67 (intraday high) could trigger profit-taking.

Put open interest isn’t negligible either. The $345 (OI: 1,094) and $350 (OI: 824) puts show defensive positioning below $347.74 (200D support). No major block trades to worry about—so far, this is a retail/institutional tug-of-war, not a whale-driven move.

Earnings Beat Adds Fuel, But Analyst Skepticism Adds Friction

Adobe’s Q4 beat and FY2026 guidance ($23.30–$23.50 EPS) should keep the bulls motivated. But analysts are all over the map—UBS is bullish at $487, while Redburn cut their target to $280. This dissonance means the stock could swing wildly between optimists and skeptics. The key question: Will the $6.19B revenue growth story outweigh concerns about slowing SaaS adoption?

3 Specific Trades to Consider Today

1. Short-Term Call Play (Friday Expiry): Buy ADBE20251226C365 if price breaks above $359.67. Target: $365–$370 (OI hotspots). Stop-loss below $352.57 (intraday low).
2. Mid-Term Bull Call (Next Friday): ADBE20260102C375 offers leverage if the stock holds above $347.74. Entry: $353–$355. Target: $375 (OI cluster).
3. Stock Positioning: Buy ADBE near $347.74 (200D support) with a tight stop at $344.51 (100D MA). First target: $359.67 (breakout level), then $369.07 (Bollinger Upper Band).

Volatility on the Horizon: Positioning for Adobe’s Next Move

Adobe isn’t just a tech stock—it’s a barometer for enterprise software confidence. With bulls loading up at $365–$370 and bears bracing at $345–$350, the next 72 hours will test whether the Q4 momentum can carry through the holiday lull. If you’re long, consider selling ADBE20251226P350 puts for premium income. If you’re cautious, a $360–$370 call spread could cap risk while riding the earnings tailwind. Either way, this stock isn’t sleeping through the night.