Adobe's Options Signal Aggressive Bullish Bets at $350—Here's How to Position for Friday's Expiry

• ADBE trades at $318.51, down 1.8% from its 52-week high of $324.47
• Options data shows 3731 open interest in $350 calls (Friday expiry), vs. 2867 puts at $300
• MACD and RSI confirm a bearish setup, but call/put imbalance hints at short-term volatility

Adobe’s stock is dancing on a tightrope right now. On one hand, technicals scream caution—RSI at 32.77, bearish Kline patterns, and all major moving averages above current price. On the other, options traders are piling into aggressive call options at $350 and $400 strikes, betting on a sharp rebound. The question isn’t whether ADBE will move—it’s which way to position for Friday’s expiry. Let’s break it down.

The Options Imbalance: Bulls vs. Bears in the Arena

Options data tells a split-level story. For Friday expiry, the top OTM call is the $350 strike with 3,731 open interest—nearly double the next call at $400. That’s not just noise; it’s a concentrated bet that ADBE will claw above its 30D SMA of $339.19. Meanwhile, puts at $300 (2,867 OI) and $315 (1,574 OI) suggest hedgers are bracing for a drop below its lower Bollinger Band at $316.15.

But here’s the twist: the put/call ratio for open interest is 0.84, meaning calls dominate. That’s bullish in theory, but ADBE’s price is already 6.3% below its 200D MA. Think of it like a diver jumping from a platform—those $350 calls are the trampoline below, but gravity (long-term averages) is still pulling hard.

No News, But Sentiment Speaks Volumes

There’s no recent headline noise about Adobe’s AI tools or earnings—yet options activity is louder than a megaphone. When fundamentals are quiet, options become the language of expectations. The heavy call buying implies traders see a catalyst—maybe a short squeeze if the stock tests support at $316.15, or a last-ditch rally before earnings. But without news to anchor this optimism, it’s a high-risk bet. If ADBE fails to break above $333.68 (30D support), those $350 calls could expire worthless.

Actionable Plays: Calls, Puts, and Precision Entries

For options traders:

• Aggressive Play: Buy ADBE $350 calls (Friday expiry) if price rebounds above $318.51. The RSI at 32.77 suggests oversold conditions, and a close above $316.15 (lower Bollinger) could trigger a bounce.
• Cautious Play: Sell a put spread at $310 and $315 (Friday expiry). With 1,451 OI at $310, there’s liquidity to exit if the stock gaps down.

For stock traders:

• Entry: Consider buying ADBE near $316.15 if it holds above the lower Bollinger Band. Target $333.68 as a short-term resistance (30D support level).
• Stop: Below $315.18 (today’s intraday low) invalidates the bullish case.

Volatility on the Horizon: Balancing Risk and Reward

Adobe’s options activity is a chess game. The $350 calls represent a Hail Mary pass, while the puts at $300 act as a safety net. If you’re bullish, time your entry near key levels—$316.15 is critical. If you’re bearish, the 200D MA at $377.29 is a distant ceiling, but Friday’s expiry offers closer targets. Either way, this week’s options expiry is the pressure valve—breathe easy if ADBE avoids a breakdown below $315, but brace for a test of patience if it doesn’t.

The bottom line? Adobe isn’t dead, but it’s not dancing either. The options market is split between a desperate rally and a controlled retreat. Your move? Pick your level—trampoline or net—and play the odds.