NASDAQ:ADI may be ready to breakout.

ANALOG DEVICES INC (ADI)       172.21   +0.74 (+0.43%)


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NASDAQ:ADI may be ready to breakout.8 days ago - Chartmill

ANALOG DEVICES INC (NASDAQ:ADI) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:ADI.

ADI Daily chart on 2023-01-24

Technical Analysis Observations

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, ADI scores 7 out of 10 in our technical rating. Although ADI is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • ADI is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so ADI slightly outperforms the market at the moment.
  • In the last month ADI has a been trading in the 159.58 - 170.64 range, which is quite wide. It is currently trading near the high of this range.
  • Looking at the yearly performance, ADI did better than 85% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
  • ADI is part of the Semiconductors & Semiconductor Equipment industry. There are 107 other stocks in this industry, ADI did better than 59% of them.

Why is NASDAQ:ADI a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:ADI this score is currently 9:

ADI has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 167.46, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NASDAQ:ADI be traded?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout analyzer lists more breakout setups and is updated daily.

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