Adobe’s Options Imbalance and $350 Call OI Signal Bullish Setup: Here’s How to Play the Breakout

• Adobe (ADBE) surges 3.5% to $323.49 amid a 52-week low, with options data hinting at a potential $350 price target.
• Put/Call ratio of 0.825 (calls dominate open interest) suggests bullish positioning, but RSI at 21 warns of oversold conditions.
• Semrush acquisition and AI-driven growth plans fuel long-term optimism, though short-term technicals remain bearish.

Adobe’s stock is dancing on a tightrope today. On one hand, the 3.5% rally pushes it toward the $324.77 intraday high. On the other, technical indicators scream caution. But here’s the twist: options market sentiment tells a different story. The $350 call options (OI: 3,578) and $300 put options (OI: 2,788) for Friday’s expiration are locked in a tug-of-war, with bulls clearly in the lead. This isn’t just noise—it’s a setup. Let’s break down why this could be your next trade.

The Call-Put Imbalance and Where to Watch

The options chain for ADBE is a chessboard. This Friday’s $350 call options (ADBE 11/21/25 C 350) have the highest open interest, followed by $400 calls (OI: 3,235). Meanwhile, $300 puts (ADBE 11/21/25 P 300) dominate the downside. The put/call ratio of 0.825 (calls > puts) isn’t just a number—it’s a signal. Traders are betting on a rebound, but the RSI at 21 and MACD (-6.93) still scream oversold. Here’s the rub: if the price breaks above the $324.77 high, the $350 calls could ignite. But watch the $310.77 Bollinger Band support. A break below that would turn this bullish setup into a bear trap.

Block trading? None. So no whale moves to muddy the waters. But the $350 call OI is telling us something: big players are hedging a breakout or speculating on the Semrush acquisition’s upside. The risk? If Adobe’s AI-driven growth plans stumble, the $310.77 level becomes a death zone.

News vs. Options: A Battle of Narratives

Adobe’s Semrush acquisition is the headline act. Buying a $1.9B SEO/GEO platform in the agentic AI era? That’s a long-term play. But here’s the catch: the stock is trading at a 52-week low. The market isn’t buying it yet. William Blair’s upgraded EPS estimates ($19.23) are a cheer for bulls, but the reality is Adobe’s 36.3% YTD drop has investors spooked. The options data reflects this tension. Traders are pricing in a rebound (hence the $350 calls), but the 30D support at $335.20 and 200D resistance at $351.84 mean this isn’t a straight-line trade. The key is whether Adobe can prove its AI integration isn’t just buzzwords. If the Semrush integration starts showing results in Q4 2025, the $350 calls could be a gateway to $400. If not? The $310.77 support becomes a hard stop.

Actionable Trades: Calls, Puts, and Price Levels

Let’s get specific. For options traders:

• This Friday: Buy ADBE 11/21/25 C 350 if the price closes above $324.77. Target: $350 breakeven, $400 for 47% gain. Stop: $310.77.
• Next Friday: If the rally stalls, consider ADBE 11/28/25 C 340 (OI: 405) for a cheaper entry. Target: $350.

For stock traders:

• Entry: $323.49 (current price) if you believe in the $350 target.
• Stop: $310.77 (Bollinger Band).
• Targets: $335.20 (30D support), then $351.84 (200D resistance).

Why these levels? The $324.77 intraday high is a psychological barrier. Break it, and the $350 calls gain legs. But if Adobe’s price slips below $311.59 (intraday low), the $310.77 support becomes a critical test. Fail there, and the bearish trend resumes.

Volatility on the Horizon

Adobe’s story isn’t just about numbers—it’s about timing. The Semrush acquisition is a long-term play, but the options market is pricing in a short-term rebound. This creates a unique window: bulls with $350 calls are betting on a 5% move in 5 days. Bears with $300 puts are hedging a 3% drop. The real question is whether Adobe’s AI-driven growth can bridge the gap between today’s technicals and tomorrow’s potential. If the stock holds above $310.77, the $350 call OI could be the spark for a rally. If it breaks, the 200D MA at $376.06 becomes a distant dream. Either way, the next 72 hours will tell us if Adobe’s AI gamble is worth the risk.